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Mortgage Terms Glossary
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-T-

Tax Lien
lien imposed for non-payment of taxes.

Time is of the Essence
legal phrase in a contract meaning that punctual performance is required in meeting obligations.

Title
a legal document designating ownership of a property.

Title Binder
written evidence of temporary title insurance coverage.

Title Insurance
an insurance policy that protects the insured (purchaser and/or lender) against loss arising from disputes over ownership.

Treasury Index
see index.

Truth-in-Lending
a federal law that requires lenders to disclose, in writing, the complete terms and conditions of a mortgage.


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Mortgage Glossary © Copyright 2004, 2008