Glossary of terms used on this site
All
| Term | Definition |
|---|---|
| Bulkhead |
A retaining wall designed to hold back water from the ocean or another body of water. |
| Bundle of rights |
The various interests or rights an owner has in a property. |
| Bungalow |
A small one-story house or cottage. |
| Butterfly roof |
A roof formed by two gables that dip in the middle to resemble a butterfly's wings. |
| Buy-down mortgage |
A home loan in which the lender receives a premium as an inducement to reduce the interest rate during the early years of the mortgage. |
| Buyer broker |
A real estate broker who exclusively represents the buyer's interests in a transaction and whose commission is paid by the buyer rather than the seller. |
| Buyer's market |
A slow real estate market in which buyers have the advantage. |
| Buyer's remorse |
An emotion felt by first-time home buyers after signing a sales contract or closing the purchase of a house. |
| Bylaws |
The rules and regulations that a homeowners association or corporation adopts to govern activities. |
| Call option |
A clause in a loan agreement that allows a lender to ask for the balance at any time. |
| Can lights |
Cylindrical chambers with bulbs recessed into the ceiling. |
| Cancellation clause |
A clause that details the conditions under which each party may terminate the agreement. |
| 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. |
| 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 remo |
| 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. |
| 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. |
| Trans-Union |
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. |
| 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. |
| 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) |
