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T
Tap fees
Tax deduction
Tax lien
Tax sale
Tax shelter
Tear-down condition
Teaser rate
Television Service
Tenancy by the entirety
Tenants in common
Terrace
The 72-hour clause
Third-party origination
Timeshare
Title
Title company
Title insurance
Title risk
Title search
Top producer
Top soil
Total expense ratio
Townhouse
Tract home
Trade equity
Trading down
Trading up
Trans-Union
Transfer of ownership
Transfer tax
Transom
Tray ceiling
Treasury bills
Treasury index
Trellis
Trim work
Truss
Trust account
Trustee
Truth-in-Lending Act
Tuck-point
Two- to four-family property
Two-step mortgage
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.
Television Service
Be careful with this one. Can be on a lease with payments due. Can be with or
without remote control units. Check for operation during inventory. Check to
see if there are any extra units in supply room. Are any units in the repair
shop now?
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.
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.
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.
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.
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.
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- to four-family property
A piece of property that is owned by one person but provides housing for up to
four households.
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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