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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. |
