Dictionary T - Palm Desert Homes for sale

REAL ESTATE DICTIONARY

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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 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.