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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 deduction
A tax break given by the government. Mortgage
interest, loan points, and property taxes can be deducted. |
tax lien
A lien placed against a property for nonpayment
of taxes. |
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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 rebuilding
from the ground up. |
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. |
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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. |
terrace
A terrace can be several things: a veranda, a
roofed balcony, an unroofed paved area next to a house,
or a raised bed of earth constructed to enhance a
landscape. |
The Buyer's Agent Inc.
National buyer's brokerage company
with franchises in 28 states. Call (800) 766-8728
for information and referrals. |
thermocouple
A thick copper wire that acts as a safety device
on a gas burner. If the pilot light for the burner
goes out, the sensor on the end of the wire cools
and prevents the flow of gas to the burner. |
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thermocouple
A safety device on a pilot light gas ignition
system. If the thermocouple isn't being warmed by
the pilot light, it shuts off the flow of gas. |
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. |
third-party origination
In a third-party origination transaction,
the lender has another institution originate all or
part of a mortgage. |
three-way switch
A three-way switch controls one or more lights
from two different locations. These are often placed
at both ends of a stair or hallway. |
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. |
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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 examination
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. |
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title insurance
A policy issued to lenders and
buyers to protect against loss due to disputed property
ownership. |
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. |
toilet seal
A gasket that seals the joint between the bottom
of a toilet and the drain piping. This prevents water
leakage and the escape of sewer gases. |
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. |
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top producer
A real state industry term that refers to agents
and brokers who sell a high volume of homes. |
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.
Also known as finance charges. |
total loan amount
The base loan amount plus any financed
closing costs. |
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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. |
total paid at closing
All closing costs, prepaid fees,
and the down payment. The lender may require you to
demonstrate extra cash reserves equal to two months'
worth of housing expenses as well. |
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
Another term for a production home, a mass-produced
house constructed by one builder in a project. |
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trade equity
Other real estate or assets that a buyer gives
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
Trans Union Corporation 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: (800) 888-4213
. |
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. |
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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
In plumbing, a curved section of drainpipe that
fills with water, providing a liquid seal to prevent
the emission of sewage gases. |
trap
A trap is the U- or S-shaped section of drainpipe
directly beneath a plumbing fixture such as a sink
or shower. Its shape is intended to hold a small amount
of water so that it blocks sewer gasses from rising
into the home. |
tray ceiling
A tray ceiling has edges that slant toward the
middle from the walls. |
tread
The flat part of a stair step. |
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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
A special account used by a broker or escrow agent
to safeguard funds for a buyer or seller. |
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trustee
A legally empowered person who holds or controls
a piece of property for another person. |
Truth in Lending Act
A federal law that allows a consumer
to cancel a home-improvement loan, second mortgage,
or other loan until midnight of the third business
day after a contract is signed, if the home was pledged
as security (except for a first mortgage or first
trust deed). |
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. |
