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Glossary Of Real Estate Terms
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Glossary T

Term:

The length of time during which the actual life of a mortgage contract exists (usually from six months to ten years) at the end of which the mortgage becomes due and payable unless the lender renews the mortgage for another term (see also Amortization). A mortgage may also be amortized over a long period (such as 25 years).

Title:
A lawful evidence of ownership.

Title Search:
An inspection of records contained within the public land registration office to determine the current state of title to a property including a review of all interests such as liens, encumbrances, mortgages or any other interests that affect that title.


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