TAKEOUT MORTGAGE LOANA long term mortgage loan that is advanced to a 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 LIENA lien imposed by a taxing authority on real estate for failure to pay taxes within the time required by law.
TENANCY IN COMMONOwnership of and by two or more persons: unlike joint tenancy in that interest of deceased does not pass to the survivor, but is treated as an asset of the deceased’s estate.
TENUREA system of land holdings for a temporary time period.
TERM (OF LOAN)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. Also indicates when the principal balance becomes due and payable to the lender.
TIME IS OF THE ESSENCERequires punctual performance of a contract on closing date and is indicated by so stating as in an Agreement of Purchase and Sale.
TITLEThe means of evidence by which the owner of land has lawful ownership thereof.A freehold title gives the holder full and exclusive ownership of land and buildings for an indefinite period of time; in condominium ownership, land and common elements of buildings are owned collectively by all unit owners, while the residential units belong exclusively to the individual owners; a leasehold title gives the holder a right to use and occupy land and buildings for a defined period of time.
TITLE INSURANCEA policy which insures the lender against loss due to a flaw in the title of property held as collateral for a mortgage.
TITLE SEARCHAn 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 SYSTEMSystem 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.
TRANSFERTo convey from one person to another.
TRANSFER OF CHARGEAssignment of a mortgage under the Land Titles System.
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