The Real Estate
Encyclopedia: P-T

A through lot is a parcel of land that extends between two parallel or approximately parallel streets, providing frontage and access on both sides of the property. Unlike a standard interior lot, which fronts only one public street, a through lot functions as a...

A right-of-way property is a parcel of land, corridor, or legally designated access route that grants one party the right to travel across or utilize land owned by another for transportation, utility, or access purposes. Commonly associated with highways, railroads,...

Probate is the legal process through which a deceased person’s estate is administered and distributed under the supervision of a court. The process is used to validate a will, identify and inventory the decedent’s assets, pay outstanding debts and taxes, and transfer...

Statutory redemption is a legal right provided under the laws of certain states that allows a borrower whose property has been foreclosed upon to reclaim the property by paying the required amount within a specified period after the foreclosure sale. The redemption...

The TILA-RESPA Integrated Disclosure (“TRID”) rule is a federal mortgage disclosure regulation that combines certain disclosure requirements under the Truth in Lending Act (“TILA”) and the Real Estate Settlement Procedures Act (“RESPA”). Implemented by the Consumer...

A “Qualified Mortgage” (“QM”) is a category of mortgage loan defined under federal law and Regulation Z that is intended to ensure borrowers receive loans they have a reasonable ability to repay. Established under the Dodd-Frank Wall Street Reform and Consumer...

The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (“SAFE Act”) is a federal law enacted to establish minimum licensing and registration standards for Mortgage Loan Originators (“MLOs”) throughout the United States. The law was designed to enhance...

Regulation Z is the federal regulation that implements the Truth in Lending Act (“TILA”) and establishes detailed rules governing consumer credit disclosures and lending practices. Issued and enforced primarily by the Consumer Financial Protection Bureau (“CFPB”),...

The Truth in Lending Act (“TILA”) is a federal consumer protection law enacted in 1968 to promote the informed use of consumer credit by requiring clear and standardized disclosure of key loan terms and costs. Administered primarily through Regulation Z, TILA applies...

A mortgage “pre-approval” is a lender’s conditional determination that a borrower qualifies for a home loan up to a specified amount, based on a detailed review of the borrower’s financial information and creditworthiness. During the pre-approval process, the lender...