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2835 Grand Ave., Suite B
Laramie, WY 82070
(307) 742-2099
  
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GLOSSARY OF TERMS
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- tax deed
- An instrument, similar to a certificate of sale, given to a
purchaser at a tax sale.
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- tax lien
- A charge against property, created by operation of
law. Tax liens and assessments take priority over all
other liens.
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- tenancy by the entirety
- The joint ownership, recognized in some states, of property
acquired by husband and wife during marriage. Upon the
death of one spouse the survivor becomes the owner of the
property.
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- tenants-in-common
- An undivided interest in property taken by two or more
persons. The interest needs not be equal. Upon
death of one or more persons, there is no right or
survivorship.
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- title
- The evidence one has of right to possession of land.
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- title insurance
- Insurance against loss resulting from defects of title to a
specifically described parcel of real property.
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- title search
- An investigation into the history of ownership of a property
to check for liens, unpaid claims, restrictions or problems,
to prove that the seller can transfer free and clear
ownership.
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- total debt ratio
- Monthly debt and housing payments divided by gross monthly
income. Also known as Obligations-to-Income Ratio or
Back-End Ratio.
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- Truth-in-Lending Act
- A federal law requiring a disclosure of credit terms using a
standard format. This is intended to facilitate
comparisons between the lending terms of different financial
institutions.
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