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- 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 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.
- Town-home An attached home that may not be 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.
- 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.
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