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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