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T1-11

An exterior siding with vertical grooves that simulate boards.

tank stopper

The rubber plug that seals the valve seat between the toilet tank and the bowl.

tap fees

The fee that is charged by most companies for hooking up the utilities.

tax deduction

A tax break offered by the government.

tax lien

A lien placed against a property for nonpayment of taxes.

tax sale

The public sale of a property by the government for nonpayment of taxes.

tax service fee

A fee that is collected to set up a third-party monitoring system for the borrowers property tax payments so that the payments are made on time and to prevent tax liens from being put in place.

tax shelter

A term referring to various tax advantages.

tear-down

A building that must be torn down and rebuilt from the ground up.

teaser rate

A low, short-term interest rate offered on a mortgage to entice the borrower.

tenancy by the entirety

A form of ownership where a husband and wife have joint ownership in a property, where they both hold title to the whole property, with right of survivorship.

tenancy in common

A form of ownership where two or more owners hold an undivided, but not necessarily equal, interest in the property, with no right of survivorship.

tenure

A law term that refers 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.

terrace

A terrace is 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 Buyers Agent Inc.

A national buyer’s brokerage company with franchises in 28 states. Call (800) 766-8728.

thermocouple

1. A thick copper wire that acts as a safety device on a gas burner.

2. A safety device on a pilot light gas ignition system.

thermostat

A mechanical control that automatically turns on an appliance such as a heater, a furnace or an air conditioner, when the room temperature reaches the preset 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 create all or part of a mortgage.

three-way switch

Controls one or more lights from more than one location.

threshold

A flat trim strip that is made of oak or aluminum and provides a smooth transition between the floors on both sides of a door.

throw

The distance a deadbolt extends out from the edge of a door when it is in a locked position.

time is of the essence

A phrase in a purchase contract that indicates a specific period of time in which an act must be performed.

timeshare

Ownership that involves the acquisition for a specific period of time or a percentage of interest in a property.

title

The legal document that grants ownership to 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 claims or liens that would affect the transfer of title to the property.

title insurance

A policy issued to lenders and buyers to protect against loss due to disputed property ownership.

title insurance binder

A title insurance companies written commitment to insure the title to the property, subject to specific conditions and exclusions.

title risk

A possible problem to the transfer of 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 pipe, and prevents water leakage and 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; the tongue fits into the groove when the boards are installed.

top producer

A real estate term that refers to agents and brokers who sell a high volume of homes.

top rail

The horizontal structural piece of a door that runs across the top.

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. Also known as finance charges.

total loan amount

The base loan amount plus any closing costs that have been financed.

total monthly housing costs

The sum of all the monthly housing expenses related with home ownership.

total of all payments

The total cost of the loan, including principal amount interest payments.

total paid at closing

A total of all the costs at the time of closing.

townhouse

An attached home that is not a condominium.

TPRV

Temperature/pressure relief valve. A device that releases built-up energy in a tank when it reaches a specific temperature or pressure.

tract home

A mass-produced house constructed by one builder in a project. Also known as a production home.

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 buyer’s current house.

trading up

Buying a home that is more expensive than the buyer’s current house.

Trans Union Corporation

A credit-reporting bureau that operates nationwide. One of the "Big Three". Address: 760 Sproul Road, P.O. Box 390, Springfield, PA 19064-0390. Phone: (800) 888-4213.

transaction broker

A real estate professional who does not represent either the buyer or the seller but is hired to help them reach an agreement.

transfer of ownership

Any legal means by which a piece of real estate changes hands.

transfer tax

An assessment by a government authority at the time a piece of property changes hands.

transom

A small hinged window directly above a door.

trap

1. In plumbing, a trap is a curved section of drainpipe that fills with water providing a liquid seal to prevent the emission of sewage gases.

2. The U- or S-shaped section of drainpipe directly beneath a plumbing fixture. Its shape is intended to hold a small amount of water and blocks sewer gasses from rising into the home.

tray ceiling

A horizontal ceiling that is constructed part of the way up toward the ridge of a roof.

tread

The flat part of a stair step.

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 that is made of thin strips of wood or plastic.

trim work

The finishing around 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 component.

trust account

A special account used by a broker or escrow agent to safeguard funds for a buyer or seller.

trustee

A legally empowered individual who controls a 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 providing 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 another for the remainder of the loan term.