| Tap fees |
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| Most companies charge a tap fee for hooking up utilities. |
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| Tax deduction |
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| A tax break given by the government. Mortgage interest, loan points and property taxes can be deducted. |
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| Tax lien |
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| An impediment placed against a property, such as back taxes. |
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| Tax sale |
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| The public sale of a property by the government for nonpayment of taxes. |
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| Tax shelter |
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| A term often applied to real estate investment and refers to various tax advantages. |
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| Tear-down condition |
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| A house that requires the entire interior to be rebuilt. |
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| Teaser rate |
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| An low, short-term rate offered on a mortgage to entice the borrower. |
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| Tenancy by the entirety |
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| 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. |
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| Tenants in common |
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| Two or more owners who share interest in a specific property. |
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| Terrace |
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| 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. |
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| The 72-hour clause |
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| 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 remo |
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| Third-party origination |
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| In a third-party origination transaction, the lender has another institution originate all or part of a mortgage. |
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| Timeshare |
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| Ownership that involves the acquisition of a specific period of time, or that percentage of interest, in a vacation home or resort. |
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| Title |
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| The actual legal document conferring ownership of a piece of real estate. |
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| Title company |
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| Firms that ensure that the title to a piece of property is clear and provide title insurance. |
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| Title insurance |
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| A policy issued to lenders and buyers to protect any losses because of a dispute over the ownership of a piece of property. |
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| Title risk |
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| Possible impediments to the transfer of a title from one owner to another. |
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| Title search |
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| 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. |
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| Top producer |
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| A real state industry term that refers to agents and brokers who sell a high volume of homes. |
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| Top soil |
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| The top layer of soil that is removed when lots are graded in preparation for construction. |
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| Total expense ratio |
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| The percentage of monthly debt obligations relative to gross monthly income. |
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| Townhouse |
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| An attached home that is not a condominium. |
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| Tract home |
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| Another term for a production home, a mass-produced house constructed by one builder in a project. |
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| Trade equity |
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| Other real estate or assets a buyer gives to a seller as part of the down payment. |
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| Trading down |
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| A reference to buyers who purchase a home that is less expensive than their current house. |
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| Trading up |
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| A reference to buyers who purchase a home that is more expensive home than their current house. |
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| Trans-Union |
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| Trans-Union Corp. 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: (312) 408-1400. |
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| Transfer of ownership |
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| Any legal means by which a piece of real estate changes hands. |
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| Transfer tax |
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| An assessment by state or local authorities at the time a piece of property changes hands. |
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| Transom |
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| A small hinged window directly above a door. |
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| Tray ceiling |
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| A tray ceiling has edges that slant toward the middle from the walls. |
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| Treasury bills |
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| Securities issued by the Treasury Department that have the full backing of the U.S. government. |
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| Treasury index |
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| An index used to determine interest rate changes for adjustable rate mortgages. |
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| Trellis |
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| A decorative landscape structure made of thin strips of wood or plastic. |
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| Trim work |
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| The finishing of doors, doorways, window frames and floors. |
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| Truss |
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| A prefabricated framework of girders, struts and other items used to support a roof or other load-bearing elements. |
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| Trust account |
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| Special accounts used by brokers and escrow agents to safeguard funds for a buyer or seller. |
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| Trustee |
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| A legally empowered person who holds or controls a piece of property for another person. |
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| Truth-in-Lending Act |
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| 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) |
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| Tuck-point |
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| The process of removing old mortar from between bricks and replacing it with new mortar. |
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| Two- to four-family property |
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| A piece of property that is owned by one person but provides housing for up to four households. |
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| Two-step mortgage |
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| 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. |
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