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- Tap fees Most companies charge
a tap fee 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 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.
- Tear-down condition A house
that requires the entire interior to be
rebuilt.
- Teaser rate An low, short-term
rate offered on a mortgage to entice the
borrower.
- 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.
- Testator One who
makes or has made a testament or will; one
who dies leaving a will.
- 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.
- Third-party origination In a
third-party origination transaction, the
lender has another institution originate all
or part of a mortgage.
- 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 risk Possible impediments
to the transfer of a title from one owner to
another.
- 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.
- Tort Wrong; Injury; the
opposite of right.
- Total expense ratio The
percentage of monthly debt obligations
relative to gross monthly income.
- Townhouse An attached home that
is not a condominium.
- Tract home Another term for a
production home, a mass-produced house
constructed by one builder in a project.
- Trade equity Other real estate
or assets a buyer gives to a seller as part
of the down payment.
- 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 that operate nationwide.
- 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 or first trust deed) until midnight
of the third business day after the contract
was signed.
- Tuck-point The process of
removing old mortar from between bricks and
replacing it with new mortar.
- 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.
- Two- to four-family property A
piece of property that is owned by one
person but provides housing for up to four
households.
Answer's to your questions or
concerns,
Call 248 684-9000 or
E-Mail us for further assistance
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1999-Present ©
Michigan Real Estate Today™
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