|tenancy by the
A type of joint tenancy of property that provides right
of survivorship and is available only to a husband and
wife. Contrast with tenancy in common.
tenancy in common
A type of joint tenancy in a property without right of
survivorship. Contrast with tenancy by the entirety and
with joint tenacy.
The obligee for a cooperative share loan, who is both a
stockholder in a cooperative corporation and a tenant of
the unit under a proprietary lease or occupancy
A process by which a lender uses another party to
completely or partially originate, process, underwrite,
close, fund, or package the mortgages it plans to deliver
to the secondary mortgage market. See mortgage broker.
A legal document evidencing a person's right to or
ownership of a property.
A company that specializes in examining and insuring
titles to real estate.
Insurance that protects the lender (lender's policy) or
the buyer (owner's policy) against loss arising from
disputes over ownership of a property.
A check of the title records to ensure that the seller is
the legal owner of the property and that there are no
liens or other claims outstanding.
Total obligations as a percentage of gross monthly
income. The total expense ratio includes monthly housing
expenses plus other monthly debts.
Equity that results from a property purchaser giving his
or her existing property (or an asset other than real
estate) as trade as all or part of the down payment for
the property that is being purchased.
Any means by which the ownership of a property changes
hands. Lenders consider all of the following situations
to be a transfer of ownership: the purchase of a property
"subject to" the mortgage, the assumption of
the mortgage debt by the property purchaser, and any
exchange of possession of the property under a land sales
contract or any other land trust device. In cases in
which an inter vivos revocable trust is the borrower,
lenders also consider any transfer of a beneficial
interest in the trust to be a transfer of ownership.
State or local tax payable when title passes from one
owner to another.
An index that is used to determine interest rate changes
for certain adjustable-rate mortgage (ARM) plans. It is
based on the results of auctions that the U.S. Treasury
holds for its Treasury bills and securities or is derived
from the U.S. Treasury's daily yield curve, which is
based on the closing market bid yields on actively traded
Treasury securities in the over-the-counter market. See adjustable-rate
A federal law that requires lenders to fully disclose, in
writing, the terms and conditions of a mortgage,
including the annual percentage rate (APR) and other
An adjustable-rate mortgage (ARM) that has one interest
rate for the first five or seven years of its mortgage
term and a different interest rate for the remainder of
the amortization term.
A property that consists of a structure that provides
living space (dwelling units) for two to four families,
although ownership of the structure is evidenced by a
A fiduciary who holds or controls property for the
benefit of another.