TAX LIEN >> A lien for outstanding or delinquent property, IRS or state taxes. Tax liens for delinquent property taxes are the most common and attach only to the property upon which the taxes are unpaid. Property tax liens always take priority over other liens.

TEMPORARY DISABILITY AWARD LETTER >> A letter issued to employees who are awarded temporary disability benefits because they are unable to work due to medical disability. These employees are expected to return to work once their disability heals.

TEMPORARY WORKER >> An individual who registers with a temporary employment agency to be placed on work assignments at companies on a temporary basis.

TENANCY IN COMMON >> A form of holding title in which the property is owned by 2 or more persons whereby each tenant holds an undivided interest in the property and no right of survivorship.

TITLE >> The right or ownership in land; also, the evidence of such ownership.

TITLE CLOSING >> The process in which the title company oversees the closing or document signing of the loan in close conjunction with the entity performing the escrow function on the loan. Once the loan documents are signed and all contingencies are satisfied, the title company records the security instrument and releases the proceeds of the loan.

TITLE COMMITMENT >> A written report showing all current claims against a property before a sale or loan transaction. After completion of the transaction, a title insurance policy is issued.