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Glossary of Terms > T > TRANSFER OF OWNERSHIP

TRANSFER OF OWNERSHIP

Any means by which the ownership of a property changes hands. All of the following situations are considered to be transfers of ownership: the purchase of a property using or "subject to" a mortgage, the assumption of the mortgage by the property purchaser, and any exchange of possession of the property under a land sales contract or land trust device. Transfer tax may apply.

T Terms

TIMESHARE

TITLE

TITLE INSURANCE

TRANSFER OF OWNERSHIP

TREASURY INDEX

TRUTH-IN-LENDING

TWO-STEP MORTGAGE