Rental Property Terms and Definitions – T – Landlord Services & Tenant Screening – Accurate Credit Bureau

T

Tax Impound
Money paid to and held by a lender for annual tax payments.

Tax Lien
Claim against a property for unpaid taxes.

Tax Sale
Public sale of property by a government authority as a result of non-payment of taxes.

Tenancy
The tenant’s exclusive right, created by a rental agreement between the landlord and the tenant, to use and possess the landlord’s rental unit.

Tenant
A person who rents or leases a rental unit from a landlord. The tenant obtains the right to the exclusive use and possession of the rental unit during the lease or rental period.

Tenant screening service
A business that collects and sells information on tenants, such as whether they pay their rent on time and whether they have been defendants in unlawful detainer lawsuits.
For tenant screening services see Accurate Credit Bureau.

Term
The period of time between the beginning loan date on the legal documents and the date the entire balance of the loan is due.

Three-day notice
See eviction notice. For eviction reports see Accurate Credit Bureau.

Thirty-day notice
A written notice from a landlord to a tenant telling the tenant that the tenancy will end in 30 days. A thirty-day notice usually does not have to state the landlord’s reason for ending the tenancy.

Title
Document which gives evidence of ownership of a property. Also indicates the rights of ownership and possession of the property.

Title Company
A company that insures title to property.

Title Insurance
Insurance which protects the lender (lender’s policy) or the buyer (owner’s policy) against loss due to disputes over ownership of a property.

Title Search
Examination of municipal records to ensure that the seller is the legal owner of a property and that there are no liens or other claims against the property.

Transfer Tax
Tax paid when title passes from one owner to another.

Truth-in-Lending Act
Federal law requiring written disclosure of the terms of a mortgage (including the APR and other charges) by a lender to a borrower after application. Also requires the right to rescission period.

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