Real Estate Glossary
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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.
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.
Timeshare - Ownership that involves the acquisition of a specific period of time, or that percentage of interest, in a vacation home or resort.
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 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.
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.
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) until midnight of the third business day after the contract was signed.
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.
