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GLOSSARY
Tenancy by Entirety
An agreement in some states where the husband and wife are considered one person and upon death, the other automatically assumes ownership.
Tenancy by the entirety
Tenancy by the entirety is a property ownership arrangement used in some states by married couples. If the couple owns a home as tenants by the entirety, neither one of them can dispose of their ownership interest, and when one co-owner passes, ownership automatically transfers to the surviving co-owner.
Tenancy in common
Tenancy in common is a co-ownership arrangement that gives each owner the right to have his ownership interest transferred, upon his death, to a beneficiary. While living, both owners have an equal right to use the property.
Tenancy in Partnership
When a property is in the name of a partnership as opposed to individual names.
Tenants by entirety - TBE
Tenancy by the entirety is a property ownership arrangement used in some states by married couples. If the couple owns a home as tenants by the entirety, neither one of them can dispose of their ownership interest, and when one co-owner passes, ownership automatically transfers to the surviving co-owner.
Tenement
Tenement is a synonym for apartment, but the term often is usually associated with low-income housing in an urban area.
Term
The scheduled length of time for paying off a loan.
Term certain annuity
Term certain annuity is a financial planning product that pays the holder (called the annuitant) a fixed periodic payment for a set time frame. Since there is no opportunity to extend the payments past the specified time frame, purchasers of term certain annuities should consult with a financial planner to determine if this is the most appropriate product available.
Term deposit
Term deposit is a savings product that can't be withdrawn until a specified amount of time has passed. The most common term deposit is a CD, which pays a higher yield than a liquid savings deposit.
Term loan
A term loan is a commercial debt made by a bank or finance company that's repaid with periodic principal repayments. Term loan debt can't be re-borrowed once it's paid off.
Termination statement
A termination statement documents a borrower's fulfillment of an asset-based debt facility. Once the loan has been paid off, the lender no longer has ownership rights to the assets that were used as collateral for the loan.
Testamentary trust
Testamentary trust is a property ownership arrangement that's established according to instructions within a will, and after the grantor has died. Generally, the trust will hold the decedent's property. An appointed executor must manage the property and make distributions to beneficiaries in accordance with the grantor's wishes.
Tester
A tester is a person or thing that evaluates something's effectiveness or usefulness.
The Fed
Have you heard of Alan Greenspan? He is a Fed. He is the chairman of this seven member Board of Governors which is in charge of regulating and monitoring or economy and monetary policy so that we can find a stasis. The Fed is informal for the Federal Reserve System.
Third party originator
The person or company that gathers all the pieces of a mortgage application and transfers or sells it to the lender.