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Glossary > T
Frequently used terms
Tax Service Fee
Teaser
Rate
Timeshare
Title
Exam
Title Insurance
Title Search
Transfer Tax
T1-11
A hardboard exterior siding with vertical grooves to simulate
boards.
Tank stopper
A rubber plug or flapper that seals the valve seat between
a toilet tank and bowl. Upon flushing a toilet, the tank stopper
is lifts to allow water to rush through the flush valve into
the bowl.
Tap fees
A fee charged by most companies for hooking up utilities.
Tax lien
A lien placed against a property for nonpayment of taxes (property
and/or personal)
Tax sale
The public sale of a property by the government for nonpayment
of taxes.
Tax service fee
A fee collected to set up third-party monitoring of the borrower's
property tax payments. This is done to ensure that the
payments are made on time and to prevent tax liens from occurring
to the detriment of the lender.
Tax shelter
A term often applied to real estate investment, referring
to various tax advantages.
Tear-down
A house in such poor condition as to require complete rebuilding.
Teaser rate
A low, short-term interest rate offered on a mortgage to entice
the borrower.
Tenancy by the entirety
Ownership by a husband and wife in which they together hold
title to the whole property with right of survivorship.
Tenancy in common
A form of ownership in which two or more owners hold an undivided
(though not necessarily equal) interest in the property, with
no right of survivorship.
Tenure
A common law term referring to the way in which a piece of property
is held, such as a fee simple or leasehold.
Terra cotta
A red, low-fired tile that is a popular roofing material.
Thermostat
A control that automatically turns on a heater, furnace or
air conditioner when room temperature reaches a set level.
Thermostatic control
A device used to regulate the point at which the burner for
the water heater is activated.
Threshold
A flat trim strip normally made of oak or aluminum that offers
a durable and finished transition between the floors on both
sides of a door or between indoors and out.
Throw
The distance a deadbolt extends out from the edge of a door
when in its locked position.
Time is of the essence
A phrase in a purchase contract that indicates a certain period
of time in which an act must be performed.
Timeshare
Ownership that involves the acquisition of a specific period
of time or percentage of interest in a vacation home or resort.
Title
The legal document conferring ownership of a piece of real estate.
Title company
A firm that ensures that the property title is clear and provides
title insurance.
Title Exam
An examination of the public record to determine that the seller
is the legal owner and there are no encumbrances (such as claims
or liens) affecting the property.
Title insurance
A policy issued to lenders and buyers to protect against loss
due to disputed property ownership at a later date.
Title insurance binder
A title insurance company's written commitment to insure title
to the property subject to the conditions and exclusions shown
on the binder.
Title risk
Possible impediments to the transfer of a title from one owner
to another.
Title search
The process of reviewing all recorded transactions in the public
record to determine whether any title defects exist that could
interfere with the clear transfer of ownership of the property.
Tongue and groove
Lumber with a small groove down one side of each board and
a protruding piece (tongue) on the other side that fits into
the groove when the boards are installed.
Top producer
Refers to agents and brokers who close a high volume of transactions.
Top rail
The horizontal structural member of a door that runs across
the top of the door.
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.
Total lender fees
Fees required by the lender to obtain the loan, apart from
other fees associated with transferring a property between
buyer and seller.
Total loan amount
The base loan amount plus any financed closing costs.
Total monthly housing costs
The sum of principal, interest, property taxes and, if applicable,
private mortgage insurance (PMI) and either hazard insurance
or homeowners' association dues.
Total of all payments
The total cost of the loan including repayment of the principal
amount and the sum of monthly interest payments.
Townhouse
An attached home that is not a condominium.
TPRV
Temperature/pressure relief valve. A device that releases
built-up energy in a tank at a certain temperature or pressure.
Tract home
A mass produced house constructed by one builder in a project.
(Another term for a production home)
Trade equity
Other real estate or assets that a buyer provides to a seller
as part of the down payment.
Trading down
Buying a home that is less expensive than the one's current
house.
Trading up
Buying a home that is more expensive than one's current house.
Trans Union Corporation
One of the major credit reporting bureaus. Visit
www.transunion.com
Transaction broker
A real estate professional who is hired to help a buyer and
seller reach an agreement. The transaction broker does not
represent either the buyer or the seller.
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.
Trap
A trap is the "U" or "S" shaped section
of drainpipe directly beneath a plumbing fixture such as a
sink or shower.
Tray ceiling
A tray ceiling has edges that slant toward the middle from
the walls.
Tread
The flat part of a stair step.
Treasury Bills
Securities issued by the Treasury Department which 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.
Triple net lease
A lease that requires the tenant to pay all expenses of
the property being leased in addition to rent. Typical
expenses covered in such a lease include taxes, insurance,
maintenance and utilities.
Truss
A prefabricated framework of girders, struts and other items
used to support a roof or other load-bearing elements.
Trust account
A special account used by a broker or escrow agent to safeguard
funds for a buyer or seller.
Trustee
A legally empowered person who holds or controls a piece of
property for another person.
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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