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Tenant
A person who leases or rents a premises from a landlord. The premises
rented is often an apartment, room or house.
Tenancy Agreement
This is a legal binding document containing details about the rental
terms. Sometimes known as a rental agreement.
Title
Title is a legal term for an owner's interest in a piece of property. It
may also refer to a formal document that serves as evidence of
ownership.
Transfer of Ownership
Any means by which the ownership of a property changes hands. Lenders
consider all of the following situations to be a transfer of ownership:
the purchase of a property "subject to" the mortgage, the assumption of
the mortgage debt by the property purchaser, and any exchange of
possession of the property under a land sales contract or any other land
trust device.
Trustee
A person (or institution) to whom legal title to property is entrusted
to use for another's benefit.
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