Real Estate Terms starting with (T)

The Following are real estate terms and topics: Starting With the Letter (T)

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Are you confused and overwhelmed by the extensive terms and words used in real estate? Every person working in real estate or planning to buy or sell real estate can benefit from learning some of the terms….

Real Estate Terms T

Real Estate Terms T

Tenancy by the entirety
Type of joint tenancy that provides the right of survivorship and is available only to a husband and wife. Compare with tenancy in common.

Tenancy in common
A type of joint tenancy by two or more persons in which each owner owns an undivided interest. In the event of the death of one of the tenants in common, that tenant’s interest passes to his estate or his heirs.

Tenant-stockholder
The oblige for a cooperative share loan, which is both a stockholder in a cooperative corporation and a tenant of the unit under a proprietary lease or occupancy agreement.

Third-party origination
A process by which a lender uses another party to completely or partially originate, process, underwrite, close, fund, or package the mortgages it plans to deliver to the secondary mortgage market.

Title
Title is a legal term for a bundle of rights in a piece of property in which a party may own either a legal interest or an equitable interest The rights in the bundle may be separated and held by different parties. It may also refer to a formal document that serves as evidence of ownership.

Title company
A company that reviews a property’s title prior to its sale. The company looks for any liens or claims and works to fix any issues that are found. They also supervise the closing transaction and ensure that final money transfers are processed correctly.

Title evidence
Includes the abstract and attorney’s opinion, the title insurance, the certificate of title or the torrens certificate.

Title insurance
Title Insurance policies typically insure a homebuyer against any title-search errors or mistakes, and against loss due to disputes over property ownership. Title Insurance can additionally offer protection to the lender under similar circumstances.

Title search
An investigation into the history of ownership of a property to check for liens, unpaid claims, restrictions or problems, to prove that the seller can transfer free and clear ownership.

Total expense ratio
The ratio of housing expense plus current debt service payments to borrower income, which is used (along with the housing expense ratio and other factors) in qualifying borrowers. See qualification requirements.

Trade equity
The exchange of property as part of a down payment when opting to buy another property. Other properties and vehicles are commonly used in trade equity as partial down payment.

Transfer of ownership
Ownership of merchandise will not be transferred until the associated obligations of purchaser have been fulfilled. At the point of transfer of ownership, which is at the point of delivery of the merchandise, product liability is transferred to the purchaser.

Transfer tax
A tax assessed by a city, county or state on the transfer of property that may be based on equity or value. The use of direct deeding in an exchange avoids additional transfer tax.

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 by the US Treasury of Treasury bills and securities.

Truth-in-Lending
A federal law requiring disclosure of the Annual Percentage Rate to homebuyers shortly after they apply for the loan. Also known as Regulation Z.

Two-step mortgage
A mortgage in which the borrower receives a below-market interest rate for a specified number of years (most often seven or 10), and then receives a new interest rate adjusted (within certain limits) to market conditions at that time.

Two- to four-family property
A piece of property that maybe owned by only one person but provides housing for up to four households.

Trustee
A bank designated by the issuer as the custodian of funds and official representative of bondholders. Trustees are appointed to insure compliance with the contract and represent bondholders to enforce their contract with the issuers.

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