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Tenants in Common
the equal or unequal holding of property by two or more persons. If one party dies, the property is divided according to law.
Term
the length of a home loan or a specific portion within that loan.
Term Deposit
often called a fixed interest account. A type of savings account where the size of the deposit, the interest rate and the length of time the money is deposited for are all fixed.
Title Search
process to ensure that the vendor has the right to sell and transfer ownership.
Torrens Title
records your ownership of a piece of property. You are lawfully entitled to lease, sell or dispose of the property as you desire. Also known as Certificate of Title.
Transfer
a document registered with the Land Titles Office that confirms the change of ownership as noted on the Certificate of Title.