Glossary |
Terms that are on use on this site.
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| There are 42 entries in the glossary. |
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| Tap fees | Most companies charge a tap fee for hooking up utilities. |
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| Tax deduction | A tax break given by the government. Mortgage interest, loan points and property taxes can be deducted. |
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| Tax lien | An impediment placed against a property, such as back taxes. |
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| Tax sale | The public sale of a property by the government for nonpayment of taxes. |
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| Tax shelter | A term often applied to real estate investment and refers to various tax advantages. |
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| Tear-down condition | A house that requires the entire interior to be rebuilt. |
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| Teaser rate | An low, short-term rate offered on a mortgage to entice the borrower. |
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| Tenancy by the entirety | When a married couple owns a home, it is usually considered tenancy by the entirety If the property must be sold to pay the debts of one spouse, both must agree. |
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| Tenants in common | Two or more owners who share interest in a specific property. |
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| Terrace | A terrace can be several things: an unroofed paved area right next to a house; a roofed balcony; a veranda; or a raised bed of earth constructed to enhance a landscape. |
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| The 72-hour clause | When a buyer has a house to sell before they can purchase another home, most sellers insist on a 72-hour clause. In the event of a better offer coming in before the contingency is settled, this clause entitles the seller to give the buyer 72 hours to remove the contingency or lose the house. |
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| Third-party origination | In a third-party origination transaction, the lender has another institution originate all or part of a mortgage. |
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| Timeshare | Ownership that involves the acquisition of a specific period of time, or that percentage of interest, in a vacation home or resort. |
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| Title | The actual legal document conferring ownership of a piece of real estate. |
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| Title company | Firms that ensure that the title to a piece of property is clear and provide title insurance. |
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| Title insurance | A policy issued to lenders and buyers to protect any losses because of a dispute over the ownership of a piece of property. |
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| Title risk | Possible impediments to the transfer of a title from one owner to another. |
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| Title search | A check of public title records to ascertain that the seller is the legal owner and that there are no claims or liens against the property. |
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| Top producer | A real state industry term that refers to agents and brokers who sell a high volume of homes. |
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| Top soil | The top layer of soil that is removed when lots are graded in preparation for construction. |
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| Total expense ratio | The percentage of monthly debt obligations relative to gross monthly income. |
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| Townhouse | An attached home that is not a condominium. |
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| Tract home | Another term for a production home, a mass-produced house constructed by one builder in a project. |
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| Trade equity | Other real estate or assets a buyer gives to a seller as part of the down payment. |
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| Trading down | A reference to buyers who purchase a home that is less expensive than their current house. |
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| Trading up | A reference to buyers who purchase a home that is more expensive home than their current house. |
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| Trans-Union | Trans-Union Corp. is one of the "Big Three" credit-reporting bureaus that operate nationwide. Address: 760 Sproul Road, P.O. Box 390, Springfield, PA 19064-0390. Phone: (312) 408-1400. |
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| Transfer of ownership | Any legal means by which a piece of real estate changes hands. |
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| Transfer tax | An assessment by state or local authorities at the time a piece of property changes hands. |
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| Transom | A small hinged window directly above a door. |
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| Tray ceiling | A tray ceiling has edges that slant toward the middle from the walls. |
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| Treasury bills | Securities issued by the Treasury Department that have the full backing of the U.S. government. |
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| Treasury index | An index used to determine interest rate changes for adjustable rate mortgages. |
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| Trellis | A decorative landscape structure made of thin strips of wood or plastic. |
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| Trim work | The finishing of doors, doorways, window frames and floors. |
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| Truss | A prefabricated framework of girders, struts and other items used to support a roof or other load-bearing elements. |
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| Trust account | Special accounts used by brokers and escrow agents to safeguard funds for a buyer or seller. |
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| Trustee | A legally empowered person who holds or controls a piece of property for another person. |
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| Truth-in-Lending Act | A federal law that protects consumers in a variety of ways. One of its key provisions allows a consumer to cancel a home-improvement loan, second mortgage or other loan if the home was pledged as security (except for a first mortgage or first trust deed) until midnight of the third business day after the contract was signed. |
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| Tuck-point | The process of removing old mortar from between bricks and replacing it with new mortar. |
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| Two- to four-family property | A piece of property that is owned by one person but provides housing for up to four households. |
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| Two-step mortgage | An adjustable mortgage with two interest rates, one for the first five or seven years of the loan, and the other for the remainder of the loan term. |
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