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) 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-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.
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 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.
