California Mobile Home Dictionary - T

Looking for a specific term? Our mobile home dictionary is organized by letter.

Tangible property: Any real or personal property that may be physically touched or handled or perceived by the senses such as land, its fixed improvements, furnishings, merchandise, cash, leases, etc.

Tax credit: A credit received for a particular item such as a solar energy credit that becomes a direct reduction from the amount of tax owed.

Tenancy in common: The co-ownership of property by two or more persons whose interests need not be equal and who each hold an undivided interest in the entire property and without the right of survivorship.

Term mortgage: A specific type of loan having a stated length which is normally under 5 years, on which only interest is paid and at the expiration of the term, the entire principal is paid. See Straight loan.

Third party: 1. A party who is to be treated honestly and fairly, presented openly with material facts and given an accurate accounting of any funds received. 2. A party who is not owed fiduciary duties or responsibilities. 3. A customer of a licensee. 4. A party who is not a client of a licensee. 5. A person(s) who is not a party to a contract and who is able to hold a neutral position as to the object of the contract.

Title: The indicator of the "fee" position of the lawful owner and his or her rights to the property and its "bundle of rights" and combines of all elements constituting proof of ownership.

Title Insurance: Insurance to protect the lender (lender's policy) or the buyer (owner's policy) against loss arising from disputes over ownership of a property.

Trust: A fiduciary relationship in which an independent trustee, third party, holds legal title to property for the beneficiaries of the trust who hold the equitable title during the life of the trust and who may not deal with the property as his own but must deal with it in the best interests of the beneficiaries.

Trust account: An account established by a broker under the provisions of the license law that is apart and physically segregated from the broker's own funds, in which the broker must deposit all funds collected for clients or any other persons until the completion or termination of a transaction or other legal disposition. Also known as an Escrow account.

Trust deed: An instrument in use in many states, that takes the place of and serves the use of a common law mortgage, by which a trustor places the legal title to real property with a trustee to secure the repayment of a sum of money to the beneficiary or the performance of other conditions. Just like a mortgage this is a legal document by which a borrower pledges certain real property or collateral as guarantee for the repayment of a loan. However, it differs from the mortgage in a number of important respects. For example, instead of there being two parties to the transaction there are three. There is the borrower who signs the trust deed and who is called the trustor. There is the third, neutral party, to whom trustor deeds the property as security for the payment of the debt, who is called the trustee. And, finally, there is the lender who is called the beneficiary, the one who benefits from the pledge agreement in that in the event of a default the trustee can sell the property and transfer the money obtained at the sale to lender as payment of the debt.

Truth-In-Lending: The federal law that requires lenders to disclose the terms and conditions of a mortgage, including the APR, based on certain charges incurred by the borrower.

Truth-In-Lending Statement: A document that discloses the terms and cost of a mortgage loan, including APR.

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As a service to our customers, we've compiled a mobile home loan dictionary. Anything you need to know should be answered here.

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