Glossary in letter t

Tank stopper
A rubber plug and flapper that seals tight the valve seats between a toilet tank and bowl. Upon flushing a toilet, the tank stopper is lifted to allow water to gush through the flush valve into the bowl.
Tap fees
A charged fee by most companies for hooking up utilities.
Tax deduction
A tax cut given by the government. E.g.: Mortgage interest, loan points, and property taxes can be deducted.
Tax lien
A lien up-holded 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 collected to set up by third-party monitoring of the borrowers property tax payments. This is to ensure that the payments are made on time, preventing tax liens from occurring to the detriment of the lender.
Tax shelter
A term often applied to real estate investment, referring to various tax advantages.
Tear-down
A house in such poor condition that a required rebuilding from the ground up is necessary.
Teaser rate
A low, short-term interest rate offered on a mortgage to entice the borrower.
Tenancy by the entirety
Ownership by a married couple (husband& wife) in which they together hold title to the whole property with right of survivorship.
Tenancy in common
A form of ownership in which two or more owners hold an undivided (though not necessarily equal) interest in the property, with no rights to survivorship.
Tenure
A term referring 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 that is a popular roofing material.
Terrace
A terrace can be several things: a veranda, a roofed balcony, an unroofed paved area next to a house, or a raised bed of earth constructed to enhance a landscape.
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Third-party origination
In a third-party origination transaction, the lender has another institution originate all or part of a mortgage.
Threshold
A flat trim strip normally made of oak or aluminum that provides a durable and finished transition between the floors on both sides of a door or between indoors and out.
Timeshare
Ownership that involves the acquisition of a period of time or percentage of interest in a vocational property (home or resort).
Title insurance
A policy given to lenders and buyers to protect against loss due to disputed property ownership.
Title insurance binder
A title insurance company’s written commitment to insure title to the property, subject to the terms and condition shown on the binder.
Trade equity
Other real estate or assets that a buyer sells to a seller as part of the down payment.