T



Tax Lien
A statutory lien imposed against real property for nonpayment of taxes.

Tenancy in Common
Co-ownership in a property by two or more persons, each of whom has an undivided interest in the whole property.

Title Plant
The information warehouse of a title company in which it has accumulated and is constantly updating title records of properties in its area which it can use to search title or real property.

Trustee
A person who holds title in trust for the benefit of another. In a deed of trust, the trustee is the person named to hold title in trust for the benefit of the lender until the loan is paid off.

Trustor
The borrower under a deed of trust. One who deeds their property to a trustee as security for repayment of a loan.

U

Underwriting
The process of evaluating a loan application to determine if it meets the lender’s standards.

Unmarketable Title
Title which contains defects that would allow a purchaser to be released from his obligation to purchase.

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