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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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