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.
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 remo
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.
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. Address: 760 Sproul Road, P.O. Box 390, Springfield, PA 19064-0390. Phone: (312) 408-1400.
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)
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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