T
TAKEOUT MORTGAGE LOAN
A long term mortgage loan that is advanced to borrower on completion of construction or in compliance with any other conditions in the loan commitment. The funds are normally used to pay off or take out the construction lender.
TAX LIEN
A lien imposed by a taxing authority on real estate for failure to pay taxes within the time required by law.
TENANCY IN COMMON
Ownership of ad by two or more persons: unlike joint tenancy in that interest f deceased does not pass to the survivor, but is treated as an asset o the deceased's estate.
TENURE
A system of land holdings for a temporary time period.
TERM
The length of time which a mortgage agreement covers. Payments made may not repay the outstanding principal by the end of the term because of a longer amortization period.
TIME IS OF THE ESSENCE
Requires punctual performance of a contract on closing date and is indicated by so stating as in an Agreement of Purchase and Sale.
TITLE
The means of evidence by which the owner of land has lawful ownership thereof.
TITLE INSURANCE
A policy which insures the lender against loss due to a flaw in the title of property held as collateral for a mortgage.
TITLE SEARCH
An examination of the chain of title to real property as indicated in the public records in order to determine the ownership of the subject property and the existence of any encumbrances or defects.
TORRENS SYSTEM
System of title recordation provided by provincial law, it is a system for the registration of land title, indicating the state of the title, including ownership and encumbrances without the necessity of an additional search of the public records. Also known as the Land Titles System.
TOTAL DEBT SERVICE (TDS)
The percentage of gross annual income required to cover payments associated with housing and all other debts and obligations.
TRANSFER
To convey from one person to another.
TRANSFER OF CHARGE
Assignment of a mortgage under the Land Titles System.
TRANSFER OF TITLE
A document signed by the seller and purchaser transferring ownership. This document is then registered against the property.
TRUST ACCOUNT
An account held by an agent on behalf of his principal for the payment of money due to a third party on the event of specified incidents, e.g. a vendor's solicitor will hold funds on his behalf until title deeds to property have been delivered and property registered and the keys delivered to the purchaser; or an account maintained by a mortgagee for the payment of property taxes or life insurance premiums.