Tax impound
Money paid to and held by a lender for annual tax payments. See Impound Account.

Tax lien
Claim against a property for unpaid taxes.

Tax sale
Public sale of property by a government authority as a result of nonpayment of taxes.

The number of years until a loan is due to be paid in full.

A document that gives evidence of ownership of a property, as well as rights of ownership and possession.

Title company
A company that insures the title to a property.

Title insurance
Insurance that protects the lender (lender’s policy) or buyer (owner’s policy) against loss due to disputes over property ownership.

Title search
Examination of municipal records to ensure that the seller is the legal owner of a property and that there are no liens other claims against the property.

Transfer tax
Tax paid when a title passes from one owner to another.

Trust account
An account maintained by a broker or escrow company to handle all money collected for clients.

Someone given legal responsibility to hold property in the best interest of another.

Truth-in-Lending Act
A federal law requiring written disclosure of the terms of a mortgage (including APR and other charges) by a lender to a borrower after application.