Category: Glossary

VA Loans | A program that allows the purchase of a house without a down payment to most veterans.

Upset price | The opening bid amount that begins the auction bidding during a foreclosure sale.

Unsecured debt | Debt not secured by collateral.

Undivided Interest | Ownership of real estate by joint tenants under the same title.

Trustee’s Sale | An auction where a trustee may sell a property that has defaulted in effort to pay the outstanding debt that is owed. Uniform Commercial Code; uniform laws drafted by the National Conference of Commissioners on Uniform State Laws governing commercial transactions.

Trustee’s Deed | A deed given to the successful high bidder after a foreclosure auction.

Trustee | A legally empowered person who holds or controls a piece of property for another person.

Trust Deed | A three party security instrument conveying the legal title to real property as security for the repayment of a loan. The owner is called the “trustor”. The neutral third party to whom the bare legal title is conveyed (and who is called on to liquidate the property if need be) is the “trustee”. The lender is the “beneficiary”. When the loan is paid off the trustee is directed by the beneficiary to issue a deed of reconveyance to the trustor, which extinguishes the trust deed lien.

Trust Account | A special account used by a broker or escrow agent to safeguard funds for a buyer or seller.

Torrens Title | A torrens title contains a listing of all legal instruments (mortgages, judgments, liens) that have been recorded on the property from its origin.