Word | Definition |
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 Service Contract | When a lender wishes to be kept informed as to weather or not property taxes are being paid, a Realty Tax Service Contract can be purchased which entails an audit of the tax rolls and
issuance of notices when taxes are delinquent.
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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 | |
Tenancy in Common | A form of co-ownership of property by two or more persons in undivided interests.
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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 | A document providing evidence of a persons right to or the extent of his ownership interest in a specific parcel of property.
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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 | Assurance of indemnification for loss resulting from a defect in the title to the insured interest in the real 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 | The research and steps required to complete the chain of title to a parcel of real 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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Trustee (In a deed of trust) | The entity to which to which real property is conveyed in trust, not to be confused with the beneficiary.
The fiduciary designated to hold title to real property for the benefit of another.
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Trustor | The borrower in a deed of trust.
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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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