Tax Certificate
: Charged by taxing authorities to present certification showing that the current year's taxes were paid.

Tax Lien
A claim against real estate for the amount of its unpaid taxes.

Tax Service Fee
: Required by the lender for collection and disbursement of tax escrow by a servicing company. Termite Inspection: Required by the lender to show property free and clear of active termites.

Term
The period of time for which a mortgage contract is written at a particular interest rate    [TOP]

Time Is Of The Essence
: Demands punctual performance in a binding contract.

Title Insurance Policy
A contract by which the insurer agrees to pay the insured a specific amount for any loss caused by specified defects of title to real estate. The insured must have an insurable interest, whether as purchaser, mortgagee or otherwise.
 

Title Policy
: Insurance policy on the ownership of real property against defects in title.

Title
The evidence of the right to or ownership in property. In the case of real estate, the documentary evidence of ownership is the title deed that specifies to whom the subject property is vested. Title may be acquired through purchase, inheritance, devise, gift or foreclosure of a real estate loan.      [TOP]

Title Search
An examination of city, town, or county records to determine the legal ownership of real estate.

Total Debt Service Ratio
The total monthly mortgage payment including property taxes, insurance, mortgage insurance, and all other debts expressed as a percentage of gross monthly income.