Tap fees Most companies charge
a tap fee for hooking up utilities.
Tax deduction A tax break given
by the government. Mortgage interest, loan
points and property taxes can be deducted.
Tax lien An impediment placed
against a property, such as back taxes.
Tax sale The public sale of a
property by the government for nonpayment of
taxes.
Tax shelter A term often
applied to real estate investment and refers
to various tax advantages.
Tear-down condition A house
that requires the entire interior to be
rebuilt.
Teaser rate An low, short-term
rate offered on a mortgage to entice the
borrower.
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.
Tenants in common Two or more
owners who share interest in a specific
property.
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.
Testator
One who
makes or has made a testament or will; one
who dies leaving a will.
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.
Third-party origination In a
third-party origination transaction, the
lender has another institution originate all
or part of a mortgage.
Timeshare Ownership that
involves the acquisition of a specific
period of time, or that percentage of
interest, in a vacation home or resort.
Title The actual legal document
conferring ownership of a piece of real
estate.
Title company Firms that ensure
that the title to a piece of property is
clear and provide title insurance.
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.
Title risk Possible impediments
to the transfer of a title from one owner to
another.
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.
Top producer A real state
industry term that refers to agents and
brokers who sell a high volume of homes.
Top soil The top layer of soil
that is removed when lots are graded in
preparation for construction.
Tort
Wrong; Injury; the
opposite of right.
Total expense ratio The
percentage of monthly debt obligations
relative to gross monthly income.
Townhouse An attached home that
is not a condominium.
Tract home Another term for a
production home, a mass-produced house
constructed by one builder in a project.
Trade equity Other real estate
or assets a buyer gives to a seller as part
of the down payment.
Trading down A reference to
buyers who purchase a home that is less
expensive than their current house.
Trading up A reference to
buyers who purchase a home that is more
expensive home than their current house.
Transfer of ownership Any legal
means by which a piece of real estate
changes hands.
Transfer tax An assessment by
state or local authorities at the time a
piece of property changes hands.
Transom A small hinged window
directly above a door.
Trans-Union Trans-Union Corp.
is one of the "Big Three" credit-reporting
bureaus that operate nationwide.
Tray ceiling A tray ceiling has
edges that slant toward the middle from the
walls.
Treasury bills Securities
issued by the Treasury Department that have
the full backing of the U.S. government.
Treasury index An index used to
determine interest rate changes for
adjustable rate mortgages.
Trellis A decorative landscape
structure made of thin strips of wood or
plastic.
Trim work The finishing of
doors, doorways, window frames and floors.
Truss A prefabricated framework
of girders, struts and other items used to
support a roof or other load-bearing
elements.
Trust account Special accounts
used by brokers and escrow agents to
safeguard funds for a buyer or seller.
Trustee A legally empowered
person who holds or controls a piece of
property for another person.
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.
Tuck-point The process of
removing old mortar from between bricks and
replacing it with new mortar.
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.
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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