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Tacking
Adding an extra period of time to the term of a contract.
Taxation
To levy an assessment against, usually by government powers.
Unpaid taxes usually form a special lien on property owned by
the taxpayer, ahead of registered mortgages.
Tax deed
The instrument of conveyance when a property is sold by a government
body to pay for arrears of taxes.
Tax lien
A claim registered against a property by a government authority
for non-payment of assessed taxes.
Tax sale
Sale of property by a government body for non-payment of taxes,
either by tender or auction.
Tenancy in common
Ownership of property in which several owners each own a stated
portion of the property (a percentage). Each owner may deal
with her portion of the property as she wishes (giving it away,
mortgaging it, bequeathing it, etc.) and, upon her death, her
share becomes part of her estate.
Testate
To die leaving a valid will: opposite meaning is to die intestate.
Testator (Testatrix)
The person who makes a will.
Time is of the essence
A standard statement in a contract which ensures that all dates
and times of day noted in the contract are important and cannot
be ignored by any of the parties without the consent of the
others except in breach of the contract.
Time share
A form of joint ownership of property where numerous owners
share title and enjoy use or occupation of the property according
to a specific schedule.
Title
The legal term for one's ownership interest in land.
Title insurance
A form of insurance contract which guarantees to indemnify an
owner or mortgagee of property for damages suffered as a result
of undiscovered title defects which arise later.
Title search
The act of examining in detail the public records relating to
ownership of a parcel of land to ensure that the current owner
has clear title, free of any liens, claims, mortgage or competing
and adverse interests. Usually performed by a lawyer, qualified
title searcher, or title isurance company on behalf of a proposed
purchaser or mortgagee.
Title theory
Jurisdictions in which ownership of land is divided into two
interests--legal title and equitable title When an owner registers
a mortgage in favor of a lender, legal title is transferred
to the lender while the owner retains equitable (or beneficial
) title. Once the mortgage is paid out, legal title is transferred
back to the owner.
Torrens system
Developed in Australia, a system of the registration of interests
in land in which documents are closely regulated, monitored,
and examined by the recording authority to ensure that they
are correct and that title is transferred without flaw. Property
may not be transferred if uncorrected title defects exist.
Trust deed
An instrument of conveyance of title to property wherein the
transferre will be holding the title to the property on behalf
on another person.
Town house
Also known as a row house, generally refers to a type of dwelling
having two floors, with the living area and kitchen on the first
floor, and the bedrooms on the second. Town houses share a common
wall between units.
Taking
See eminent domain.
Tenancy by the entirety
A special kind of property ownership that's only for married
couples. Both spouses have the right to enjoy the entire property,
and when one spouse dies, the surviving spouse gets title to
the property (called a right of survivorship). It is similar
to joint tenancy, but it is available in only about half the
states.
Tenant
Anyone, including a corporation, who rents real property, with
or without a house or structure, from the owner (called the
landlord). The tenant may also be called the "lessee.".
Tenants in common
See tenancy in common.
Tenement
Everything that may be occupied under a lease by a tenant.
Term
The actual life of a mortgage, at the end of which the mortgage
becomes due and payable unless the lender renews the mortgage.
Texas Appraiser Licensing and Certification Board (TALCB)
A regulatory agency of the State of Texas, the TALCB was created
in 1991 to license, certify and regulate real estate appraisers
in Texas under state and federal laws. It superseded the Texas
Real Estate Appraiser Certification Committee of the Texas Real
Estate Commission.
Texas Deceptive Trade Practices - Consumer Protection
Act
Makes it illegal for false, misleading, or deceptive acts or
practices in the advertising, offering for sale, selling, or
leasing of any real or personal property. The Act provides for
civil penalties and in some cases, for mandatory triple damages
and attorney fees for the aggrieved party. Also see Deceptive
Trade Practices Act.
Texas Housing Agency (THA)
Created in 1979, the THA issues tax exempt mortgage revenue
bonds. The funds may be used to purchase existing mortgages
from lending institutions, to purchase new mortgage loans, or
to make direct loans to qualified housing sponsors who are recommended
by a lending institution. The agency does not actually originate
mortgages, but issues commitments to lenders to purchase mortgages
that meet all the agency's requirements. This is known as a
forward commitment program.
Texas Natural Resource Conservation Commission (TNRCC)
The TNRCC is the lead environmental agency for The State of
Texas. Its mission is to protect the state's human and natural
resources consistent with sustainable economic development.
Goals include clean air, clean water, and the safe management
of waste. The TNRCC is responsible for the general supervision
and oversight of water districts and utilities, including the
processing of petitions to create a district and applications
to approve a utility service area. In addition, the agency maintains
approval authority over many utility matters including the review
of most district bond issues to assure the engineering and economic
feasibility of projects, as well as standby fees, impact fees,
fire plans, and other district matters plus the rates charged
by privately-owned and member-owned utilities.
Texas Real Estate License Act (TRELA)
The law which established the Texas Real Estate Commission and
governs the licensure and lawful behavior of Real Estate Brokers
and Salespersons. The Texas Real Estate License Act may be amended
by the State Legislature, as it deems necessary.
Texas Real Estate Commission (TREC)
The state regulatory agency responsible for the education and
licensing of Real Estate Brokers, Inspectors and Salespersons.
TREC also provides enforcement of the Texas Real Estate License
Act, the Rules of the of the Real Estate Commission, the Texas
Timeshare Act and the Residential Service Company Act. The mission
of the Texas Real Estate Commission is to assist and protect
consumers of real estate services, and foster economic growth
in Texas. Through its programs of education, licensing and industry
regulation, the Commission ensures the availability of capable
and honest real estate service providers.
Texas Veterans Home Improvement Program
This program assists Texas veterans in the repair and improvement
of their principle residence by providing low interest home
improvement loans up to $15,000.
Texas Veterans Housing Assistance Program (VHAP)
Established by a constitutional amendment in 1984, the VHAP
assists Texas veterans in the purchase of a principal residence.
Texas Veterans Land Program
Established by state in 1949 to assist Texas veterans to buy
land with a small down payment and with long term mortgages
with low interest rates.
Timeshare
An arrangement under which a purchaser receives an interest
in real property and the right to use an accommodation or amenities,
or both, for a specified period and on a recurring basis. Used
primarily for selling vacation properties.
Title company
A company that provides title insurance policies. In Texas title
companies also act as escrow agents, conduct title searches
and hold closings.
Title theory state
The system in which the lender has legal title to the mortgaged
property and the borrower has equitable title. Texas is not
a title theory state. Contrast with lien theory state.
TNRCC
See Texas Natural Resource Conservation Commission.
Transaction fee
A fee which may be charged each time you draw on a home equity
credit line.
TREC
Acronym - Texas Real Estate Commission.
TRELA
Acronym - Texas Real Estate License Act.
TRERC
Acronym - Texas Real Estate Research Center, now renamed Real
Estate Center.
Triple net lease
See net lease.
Trustee
One who as agent for others handles money or holds title to
their land.
Tenant-stockholder
The obligee for a cooperative share loan, who is both a stockholder
in a cooperative corporation and a tenant of the unit under
a proprietary lease or occupancy agreement.
Third-party origination
A process by which a lender uses another party to completely
or partially originate, process, underwrite, close, fund, or
package the mortgages it plans to deliver to the secondary mortgage
market. See mortgage broker.
Total expense ratio
Total obligations as a percentage of gross monthly income. The
total expense ratio includes monthly housing expenses plus other
monthly debts.
Trade equity
Equity that results from a property purchaser giving his or
her existing property (or an asset other than real estate) as
trade as all or part of the down payment for the property that
is being purchased.
Transfer of ownership
Any means by which the ownership of a property changes hands.
Lenders consider all of the following situations to be a transfer
of ownership: the purchase of a property "subject to" the mortgage,
the assumption of the mortgage debt by the property purchaser,
and any exchange of possession of the property under a land
sales contract or any other land trust device. In cases in which
an inter vivos revocable trust is the borrower, lenders also
consider any transfer of a beneficial interest in the trust
to be a transfer of ownership.
Transfer tax
State or local tax payable when title passes from one owner
to another.
Treasury index
An index that is used to determine interest rate changes for
certain adjustable-rate mortgage (ARM) plans. It is based on
the results of auctions that the U.S. Treasury holds for its
Treasury bills and securities or is derived from the U.S. Treasury's
daily yield curve, which is based on the closing market bid
yields on actively traded Treasury securities in the over-the-counter
market. See adjustable-rate mortgage (ARM).
Two- to four-family property
A property that consists of a structure that provides living
space (dwelling units) for two to four families, although ownership
of the structure is evidenced by a single deed.
Takeout Mortgage
A permanent mortgage, obtained by pre-arrangement between a
builder and a financial institution, to repay the interim mortgagee
at the completion of construction.
Third Party Organization
A process by which a lender uses another party to completely
or partially originate, process, underwrite, close, fund, or
package the mortgages it plans to deliver to the secondary mortgage
market.
Truth-In-Lending
A federal law that requires lenders to fully disclose, in writing,
the terms and conditions of a mortgage, including the annual
percentage rate (APR) and other charges.
Two to four-family property
A property that consists of a structure that provides living
space (dwelling units) for two to four families, although ownership
of the structure is evidenced by a single deed.
Two-Step Mortgage
An adjustable-rate mortgage (ARM) that has one interest rate
for the first five or seven years of its mortgage term and a
different interest rate for the remainder of the amortization
term.
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