Tax
A charge levied upon persons or things by a government.

Tax and Insurance Escrow
An account required by a mortgage lender to fund annual property tax assessments and hazard insurance premiums for the mortgaged property. Funded through monthly contributions by the mortgagor.

Term Loan
One with a set maturity date, typically without amortization.

Terms
Conditions and arrangements specified in a contract.

Title
Evidence that the owner of land is in lawful possession thereof; evidence of ownership. marketable title.

Title Company
One in the business of examining title to real estate and/or issuing title insurance.

Title Insurance
An insurance policy that protects the holder from loss sustained by defects in the title.

Title Report
A document indicating the current state of the title, such as easements, covenants, liens and any defects. The title report does not describe the chain of title.

Title Search
An examination of the public records to determine the ownership and encumbrances affecting real property.

Townhouse
A dwelling unit, generally having 2 or more floors and attached to other similar units via party walls. Town houses are often used in planned unit developments and condominium developments, which provide for clustered or attached housing and common open space.

Truth in Lending Act
A federal law requiring a disclosure of credit using a standard format. This is intended to facilitate comparisons between the lending terms of different financial institutions.