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REAL ESTATE GLOSSARY
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TAKEOUT FINANCING
A commitment to provide permanent financing upon completion of construction. The take out loan normally pays off the construction loan.
Tax Lien
Lien for nonpayment of taxes
TAX SALE
Public sale of a property at an auction by a government authority as a result of non-payment of taxes.
TAX-EXEMPT PROPERTY
Any property which is not taxed.
TEASER RATE
A low initial interest rate on a mortgage.
TENANCY
The right to occupy a building or unit.
TENANCY AT SUFFERANCE
Tenancy established when a person who had been a lawful tenant wrongfully remains in possession of property after expiration of a lease.
TENANCY AT WILL
A license to use or occupy land and buildings at the will of the owner. The tenant may decide to leave the property at any time or must leave at the landlords will.
TENANCY FOR YEARS
Created by a lease for a fixed term, such as 6 months, 2 years, etc.
TENANCY IN COMMON
A form of holding title, whereby there are two or more people on title to a property, ownership does not pass on to the others upon the death of one individual.
TENANCY IN SEVERALTY
Ownership of property by one person.
TENANTS BY THE ENTIRETY
A husband and wife own the property with the common law right of survivorship so, if one dies, the other automatically inherits.
TENANT-STOCKHOLDER
The obligee for a cooperative share loan, who is both a stockholder in a cooperative corporation and a tenant of the unit under a proprietary lease or occupancy agreement.
THIRD PARTY ORIGINATION
When a lender uses a third party to originate and package loans for sale to the secondary market (Fannie Mae, Freddie Mac).
TIME IS THE ESSENCE
Legal phrase in a contract requiring all references to specific dates and times noted in the contract be interpreted exactly.
TIME SHARE
A form of property ownership under which a property is held by a number of people, each with the right of possession for a specified time interval. Time sharing is used mostly for vacation properties.
TITLE
A specific document which serves as proof of ownership.
TITLE COMPANY
An organization which researches and certifies ownership of real estate before it is bought or sold. Title companies also act at the facilitator ensures all parties are paid during the real estate transaction.
TITLE INSURANCE
A policy which insures a property owner should a prior claim arise against the property after the purchase has been completed. This also covers a lender should a question of ownership arise.
TITLE REPORT
A document indicating the current state of title. The report includes information on the current ownership, outstanding deeds of trust or mortgages, liens, easements, covenants, restrictions, and any defects.
TITLE SEARCH
The process whereby the TITLE COMPANY researches a properties title history and ensures that no outstanding claims exist.
TOTAL DEBT RATIO
Monthly debt and housing payments divided by gross monthly income. Also known as Back-End Ratio.
TOTAL EXPENSE RATIO
Total obligations as a percentage of gross monthly income. The total expense ratio includes monthly housing expenses plus other monthly debts.
TOWN HOUSE
Residence which normally has 2 or more floors and is attached to other similar units. Town houses are commonly found in planned unit developments (PUDs) and condominiums.
TRACT
A parcel of land, generally held for subdividing.
TRADE EQUITY
Equity that results from a property purchaser giving his or her existing property (or an asset other than real estate) as trade as all or part of the down payment for the property that is being purchased.
TRANSFER OF OWNERSHIP
Any means by which the ownership of a property changes hands.
TRANSFER TAX
Tax paid to the city, county, state or other government entity upon sale of a property.
TRAP
A bend in water pipe.
TREASURY INDEX
An index that is used to determine interest rate changes for certain adjustable-rate mortgage (ARM) plans. It is based on the results of auctions that the U.S. Treasury holds for its Treasury bills and securities or is derived from the U.S. Treasury's daily yield curve, which is based on the closing market bid yields on actively traded Treasury securities in the over-the-counter market. See adjustable-rate mortgage (ARM).
TRIPLE-NET LEASE
One in which the tenant pays all operating expense of the property. The landlord receives the net rent.
TRUST ACCOUNT
A separate bank account maintained by a broker or escrow company to handle all money collected for clients. A broker may not commingle these funds with his/her own funds.
TRUST DEED ( DEED OF TRUST )
A document which transfers title in a property to a trustee, who's obligations and powers are stipulated. Often used in mortgage transactions.
TRUSTEE
A fiduciary who holds or controls property for the benefit of another.
TRUTH IN LENDING
A federal law requiring full disclosure by lenders to borrowers of all terms, conditions and costs of a mortgage.
TWO-STEP MORTGAGE
Mortgage in which the borrower receives a below-market interest rate for a specified number of years (most often 7 or 10), and then receives a new interest rate adjusted (within certain limits) to market conditions at that time. The lender sometimes has the option to call the loan due with 30 days notice at the end of 7 or 10 years. Also called "Super Seven" or "Premier" mortgage.
TUDOR
A style of architecture typified by exposed stone, wood and brick construction. Similar in style to English manor homes.
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