Bear Island Land Co., Inc.

~Your Recreational Real Estate Professionals~

Dictionary of Terms

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Tenancy in Common
A type of co-ownership of real property; a holding of an estate is land by two or more persons, each being entitled to possession of the property according to his proportionate share distinct from a joint tenancy in that there is no right of survivorship in a tenancy in common.
Term Mortgage
See Balloon payment mortgage
Testate
When a person dies leaving a will.
Title
A document that gives evidence of an individual's ownership of property.
Title Insurance
A policy of insurance which indemnifies the holder for loss sustained by reason of a defect in the title, provided the loss does not result from a defect excluded by the policy provisions.
Truth-in-Lending
A federal law requiring disclosure of the Annual Percentage Rate to homebuyers shortly after they apply for the loan.
Trust Deed
A form of mortgage by which a borrower or debtor conveys title to his property to a Trustee, usually a Public Trustee, who holds the title for the protection of a
lender or creditor as a pledge or as security for the repayment of the loan or debt described in the instrument.

 

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Ely, Minnesota's most experienced Realtors, serving Buyers and Sellers in the Ely, MN area since 1995.