Taunya Fagan Real Estate Glossary and Dictionary of Real Estate Terms Beginning With "T" - Mortgage Glossary and Real Estate Terminology - Terms You May Need to Know When Preparing Your Bozeman Real Estate Transaction

Tax:
A contribution for the support of a local, state or federal government required of persons, groups or businesses within the domain of that government.

Tax Certificates:
Statements provided by a taxing authority showing that current taxes are paid.

Tenancy in common:
As opposed to joint tenancy, when there are two or more individuals on title to a piece of property, this type of ownership does not pass ownership to the others in the event of death.

Terms:
Specific conditions associated with an agreement between parties. Mortgage terms deal with payment amounts, payment intervals, length of the loan, how the loan is amortized and more. Real estate contract terms deal with down payment, loan amount, total sales price and other conditions of the sale.

Terms of Use Agreement:
Upon registration, clients agree to the Terms of Use, which state their agreement to use this website.

Thermal Movement:
Movement, either expansion or contraction, caused by temperature changes.

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.

Time Theory of Value:
Pricing theory that says that the amount of time it takes to sell a property is directly proportionate to the price.

Title:
A legal document that provides evidence of a person's right to or ownership of a property.

Title Company:
A company that examines and insures titles to real estate.

Title Insurance:
A policy that protects the lender (lender's policy) or the buyer (owner's policy) against loss arising from disputes over ownership of real property.

Title Search or Examination:
A check of title records to ensure that the seller is the legal owner of the property and that there are no liens or other claims outstanding.

Town House:
A dwelling unit with two or more floors that is attached to other walls. Typically, an inner-city dwelling.

Traditional MLS Buyers:
Those who must rely on a sales professional to provide limited access to the Multiple Listing Service (MLS).

Transfer and Recordation Taxes:
Taxes charged when title passes from seller to buyer.

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.

Transfer Tax Stamps:
Taxes charged when title passes from the seller to the buyer usually levied by the state and the county.

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.

Trim Stage:
Building stage characterized by the installation of any remaining items in the home.

Truss:
Triangular form that is used in a series to support the roof.

Trustee:
A fiduciary that controls or holds real property for the benefit of another.

Truth in Lending Act:
Law specified in Title 1 of the Consumer Protection Act requiring a lender to disclose to a buyer in writing the true cost of credit.

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.

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.

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