T

Tap fees Most companies charge a tap fee for hooking up utilities.
Tax deduction A tax break given by the government. Mortgage interest, loan points and property taxes can be deducted.
Tax lien An impediment placed against a property, such as back taxes.
Tax sale The public sale of a property by the government for nonpayment of taxes.
Tax shelter A term often applied to real estate investment and refers to various tax advantages.
Tear-down condition A house that requires the entire interior to be rebuilt.
Teaser rate An low, short-term rate offered on a mortgage to entice the borrower.
Tenancy by the entirety When a married couple owns a home, it is usually considered tenancy by the entirety If the property must be sold to pay the debts of one spouse, both must agree.
Tenants in common Two or more owners who share interest in a specific property.
Terrace A terrace can be several things: an unroofed paved area right next to a house; a roofed balcony; a veranda; or a raised bed of earth constructed to enhance a landscape.
The 72-hour clause When a buyer has a house to sell before they can purchase another home, most sellers insist on a 72-hour clause. In the event of a better offer coming in before the contingency is settled, this clause entitles the seller to give the buyer 72 hours to remove the contingency or lose the house.
Third-party origination In a third-party origination transaction, the lender has another institution originate all or part of a mortgage.
Timeshare Ownership that involves the acquisition of a specific period of time, or that percentage of interest, in a vacation home or resort.
Title The actual legal document conferring ownership of a piece of real estate.
Title company Firms that ensure that the title to a piece of property is clear and provide title insurance.
Title insurance A policy issued to lenders and buyers to protect any losses because of a dispute over the ownership of a piece of property.
Title risk Possible impediments to the transfer of a title from one owner to another.
Title search A check of public title records to ascertain that the seller is the legal owner and that there are no claims or liens against the property.
Top producer A real state industry term that refers to agents and brokers who sell a high volume of homes.
Top soil The top layer of soil that is removed when lots are graded in preparation for construction.
Total expense ratio The percentage of monthly debt obligations relative to gross monthly income.
Townhouse An attached home that is not a condominium.
Tract home Another term for a production home, a mass-produced house constructed by one builder in a project.
Trade equity Other real estate or assets a buyer gives to a seller as part of the down payment.
Trading down A reference to buyers who purchase a home that is less expensive than their current house.
Trading up A reference to buyers who purchase a home that is more expensive home than their current house.

Trans-Union Trans-Union Corp. is one of the “Big Three” credit-reporting bureaus that operate nationwide. Address: 760 Sproul Road, P.O. Box 390, Springfield, PA 19064-0390. Phone: (312) 408-1400.
Transfer of ownership Any legal means by which a piece of real estate changes hands.
Transfer tax An assessment by state or local authorities at the time a piece of property changes hands.
Transom A small hinged window directly above a door.
Tray ceiling A tray ceiling has edges that slant toward the middle from the walls.
Treasury bills Securities issued by the Treasury Department that have the full backing of the U.S. government.
Treasury index An index used to determine interest rate changes for adjustable rate mortgages.
Trellis A decorative landscape structure made of thin strips of wood or plastic.

Trim work The finishing of doors, doorways, window frames and floors.
Truss A prefabricated framework of girders, struts and other items used to support a roof or other load-bearing elements.
Trust account Special accounts used by brokers and escrow agents to safeguard funds for a buyer or seller.
Trustee A legally empowered person who holds or controls a piece of property for another person.
Truth-in-Lending Act A federal law that protects consumers in a variety of ways. One of its key provisions allows a consumer to cancel a home-improvement loan, second mortgage or other loan if the home was pledged as security (except for a first mortgage or first trust deed) until midnight of the third business day after the contract was signed.

Table Funding Simultaneous conveyance of purchase price and title as well as all loan papers at a closing.

Tacking Adding or combining successive periods of continuous occupation of real property by adverse possessors.

Take-Out Financing Long-term permanent financing. In the usual large construction project, the developer obtains two types of financing. The first is the interim loan, a short-term loan to cover construction costs. Before lending any money, however, the interim lender norma

Taking The concept of taking comes from the Takings clause of the fifth amendment of the United States Constitution. The clause reads, “nor shall private property be taken for public use, without just compensation.” This means that when land is taken for public
Talking Sign A radio transmitter with a range of up to 250 feet that broadcasts a description of a property to prospects listening to a radio tuned to the transmitter’s frequency.
Tandem Plan A mortgage subsidy program offered from time to time by the United States Congress. The Government National Mortgage Association (GNMA) purchases certain mortgages at below market interest rates, granting borrowers low-interest loans. GMNA sells the loans
Taxation 1. The process by which a government or municipal quasi-public body raises monies to fund its operation. 2. The impact an investment has on the investor’s liability for the payment of federal, state, and local taxes.
Tax Bill A property owner’s tax bill is computed by applying the tax rate to the assessed valuation of the property.
Tax Credit An amount by which tax owed is reduced directly.
Tax Deed An instrument, similar to a certificate of sale, given to a purchaser at a tax sale. (See certificate of sale)

Tax Deferred Exchange (1031 Exchange) Under Section 1031 of the Internal Revenue Code, some or all of the realizedgain from the exchange of property may not need to be immediately recognized for tax purposes. Both properties  exchange must be held for productive use in trade or business
Tax-Free Gifts Gifts that are free from federal gift taxes.

Tax Levy The amount to be raised from the general real estate tax is then imposed on property owners through a tax levy. A tax levy is the formal action taken to impose the tax, usually a vote of the taxing district’s governing body.
Tax Lien A charge against property, created by operation of law. Tax liens and assessments take priority over all other liens. (See assessments, lien)
Tax Rate The tax rate for each taxing body is computed separately. To arrive at a tax rate, the total monies needed for the coming fiscal year are divided by the total assessments of all real estate located within the taxing body’s jurisdiction.
Tax Reform Act Of 1986 (TRA 86) Sweeping revisions to the income tax laws, enacted by the United State Congress in 1986, that lowered tax rates and eliminated many tax shelters.
Taxpayer Relief Act Of 1997 (TRA 97) Enacted by the United State Congress and effective May 7, 1997, TRA ‘97 provides for broader exemption from capital gains taxes on the profits on the sale of a personal residence. Replaces the old provision for a “one-time” exemption of $125,000 for selle
Tax Sale A court-ordered sale of real property to raise money to cover delinquent taxes.

Tax Shelter A phrase often used to describe some of the tax advantages of real estate or other investments, such as noncash deductions for cost recovery (depreciation), interest, taxes and postponement or even elimination of certain taxes.
Tenancy At Sufferance A tenancy (or estate) in which a person wrongfully holds or occupies a property after the expiration of a lease without the consent of the landlord. No notice of termination is required for the landlord to evict the tenant.
Tenancy At Will A tenancy (or estate) in which a person holds or occupies real estate with the permission of the owner, for a term of unspecified or uncertain duration i.e., there is no fixed term to the tenancy.
Tenancy By The Entirety Some states allow husbands and wives to use a special form of co-ownership called tenancy by the entirety.

Tenancy For Years A tenancy for a definite period of time. The tenant must vacate the property at the end of the lease unless an extension or new lease has been agreed upon.
Tenancy In Severalty Ownership of a property by one person, rather than held jointly with others. Also called sole tenancy.
Tenant In general, one who exclusively holds or possesses property, such as a life tenant or a tenant for years; commonly used to refer to a lessee under a lease. A tenant’s occupancy, although exclusive, is always subordinate to the rights of the owner.
Tenant Emergency Procedures Manual A printed manual outlining emergency procedures, including evacuation plans and contact information for emergency personnel. The manual is used by building managers in the event of accident, illness, fire, natural disaster or other emergency situation.
Tenants In Common A form of concurrent ownership of property between two or more persons, in which each has an undivided interest in the whole property. This form is frequently found when the parties acquire title by descent or by will.

Tenant Improvements A commercial or an industrial property manager often is called on to make tenant improvements. These are alterations to the interior of the building to meet a tenant’s particular space needs.
Tenement A common law real estate term that describes those real property rights of a permanent nature. These rights relate to the land and pass with conveyance of the land, such as buildings and improvements.
Termite Inspection A visable check of a property for the presence of termites. Usually performed by a licensed exterminator. Buyers often make a termite inspection a condition of a sales contract, and require a pest control report or a clearance letter showing the property

Term Loan A short-term loan requiring interest-only payments until maturity, at which time the entire principal is due and payable.
Testamentary Trust A trust established by will.
Testate Having made and left a valid will.
Testator A person who has made a valid will. A woman often is referred to as a testatrix, although testator can be used for either gender.
Thermal Mass Thermal mass is a property that enables building materials to absorb, store, and later release significant amounts of heat. Buildings constructed of concrete and masonry have a unique energy savings advantage because of their inherent thermal mass.
Third Party Originator Third-party originators prepare loan applications for borrowers and submit the applications to lenders.
30-Day Notice Notice to vacate a premises under a periodic tenancy. Notice must be for the rent period, but not more than 30 days. (See periodic tenancy)
Three-Day Notice Notice to quit, quit or cure, or quit or pay rent. Three-day notice must be given before an unlawful detainer action. (See unlawful detainer action)

Threshold Notification Notification by brokers that they have met the threshold requirements for filing status and fiscal year reports on trust fund activities.
Thrift Another name for a savings and loan association; a financial institution established to promote “thrift” by accepting savings deposits, and to make home mortgage loans. (See savings and loan association)
Tier (Township Strip) A strip of land six miles wide, extending east and west and numbered north and south according to its distance from the base line in the rectangular (government) survey system of legal description.
Timing Refers to the length of time one must wait to receive cash flow from an investment.
Time Is Of The Essence A contract clause that emphasizes punctual performance as an essential requirement of the contract. Thus, if any party to the instrument does not perform within the specified time period (the drop-dead date), that party is in default, provided the nondefa
Time-Sharing A modern approach to communal ownership and use of real estate that permits multiple purchasers to buy undivided interests in real property (usually in a resort condominium or hotel) with a right to use the facility for a fixed or variable time period. Un
Title 1. The right to or ownership of land. 2. The evidence of ownership of land. (See ownership)
Title Defects An unresolved claim against the ownership of property, which prevents presentation of a marketable title.
Title Insurance A comprehensive indemnity contract under which a title insurance company warrants to make good a loss arising through defects in title to real estate or any liens or encumbrances thereon. Unlike other types of insurance, which protect a policyholder again
Title Insurance Fees The costs involved in purchasing title insurance. May include title insurance policy and search fees.
Title Search The examination of public records relating to real estate to determine the current state of the ownership.

U

Uncollected Rent Uncollected rent or vacancy is subtracted from gross scheduled income. Uncollected rent is an estimate expressed as a percentage then converted to dollars. (See gross scheduled income)

Unconscionable Contracts An agreement that is so unfair and one-sided that the courts will refuse to honor it.
Underground Storage Tanks (Usts)    USTs are commonly used for storing petroleum products, chemicals or process wastes. Sites which use USTs include airports, gas stations, industrial locations and military bases. Over time neglected tanks may leak hazardous substances into the environment,

Underwriter A person who evaluates the risk of default by a mortgage loan applicant, and grants approval or denial of the loan.

Underwriting The process of evaluating a mortgage loan applicant’s credit, collateral value and the risks in making a loan.

Undisclosed Dual Agency A broker may not intend to create a dual agency. However, like any other agency, it may occur unintentionally or inadvertently. Sometimes the cause is carelessness, and other times a salesperson does not fully understand his or her fiduciary responsibilit

Undue Influence Strong enough persuasion to completely overpower the free will of another and prevent him or her from acting intelligently and voluntarily, as in a case where a broker guilty of blockbusting has induced someone to sell in fear of a change in the racial

Unenforceable Contract A contract which is considered unenforceable either because it cannot be proven or will not be enforced by a court. In addition to being considered void or illegal, other reasons for unenforceable contracts may be because they were not presented

Unequivocal Unambiguous; clear; having only one possible meaning or interpretation.
Uniform Building Code    A national building code published by the International Conference of Building Officials. It has been adopted in part by municipalities throughout the United States, but used mostly in the western states. (See building code)

Uniform Commercial Code A codification of commercial law, adopted in most states, that attempts to make uniform all laws relating to commercial transactions, including chattel mortgages and bulk transfers. Security interests in chattels are created by an instrument

Uniform Condominium Act (Uca) Many states have adopted the Uniform Condominium Act (UCA). Under its provisions, a condominium is created and established when the owner of an existing building (or developer of unimproved property) executes and records a declaration of condominium.

Uniform Partnership Act (Upa) Most states have adopted the “Uniform Partnership Act” (UPA), which permits real estate to be held in the partnership name. The “Uniform Limited Partnership Act” (ULPA) has also been widely adopted. It establishes the legality of the limited partnership

Uniform Residential Landlord And Tenant Act (URLTA) A uniform act intended to provide some consistency in regulating the relationship of landlord and tenant in residential leases. A number of states have adopted all or parts of the URLTA, or have enacted similar legislation.

Uniform Residential Loan Application A loan application form required by Freddie Mac and Fannie Mae.
Uniform Settlement Statement    The standard HUD Form 1 required to be given to the borrower, lender and seller at the time or before settlement by the settlement agent in a transaction covered under the Real Estate Settlement Procedures Act.

Unilateral Contract A one-sided contract wherein one party makes a promise so as to induce a second party to do something. The second party is not legally bound to perform; however, if the second party does comply, the first party is obligated to keep the promise.

Unit-In-Place Method The appraisal method of estimating building costs by calculating the costs of all of the physical components in the structure with the cost of each item including its proper installation, connection, etc. Also called the segregated cost method.

Unity Of Ownership The four unities that are traditionally needed to create a joint tenancy-unity of title, time, interest and possession.

Unity Of Possession One of the four “unities” required to create a joint tenancy. All joint tenants hold an undivided right to possession. (See joint tenancy, four unities)

Unlawful Detainer Action A legal action that provides a method of evicting a tenant who is in default under the terms of the lease; a summary proceeding to recover possession of property.

Universal Agent A person empowered to do anything the principal could do personally. The universal agent’s authority to act on behalf of the principal is virtually unlimited.

Unruh Civil Rights Act Forbids discrimination as to sex, race, color, religion, ancestry or national origin in accommodations and business establishments. Under this law there can be no arbitrary eviction, rent increase or withholding of services by virtually any landlord,

Usury Charging interest at a higher rate than the maximum rate established by state law.

Utility Liens Municipalities often have the right to impose a specific, equitable, involuntary lien on the property of an owner who refuses to pay bills for municipal utility services. (See lien)

Utility Value The value in use to an owner-user, which includes a value of amenities attaching to a property; also known as subjective value.

Source:- http://realestateglossary.co.in/

V

Valid Contract	A contract that complies with all the essentials of a contract and is binding and enforceable with all associated parties. (See contract)
VA Loan	A government-sponsored mortgage assistance program administered by the Department of Veterans Affairs. Under the Servicemen’s Readjustment Act of 1944, eligible veterans and widows or widowers (who have not re-married) of veterans who died in service or f
Value	The measure of the monetary equivalent of a property. The four essential elements of value are utility, scarcity, demand and transferability. Cost does not equal value nor does equity.
Value In Exchange	The market value of a property.
Value In Use	The value of a property as used for a specific purpose.
Vapor Retarders	Special materials used in the installation of thermal insulation to reduce the passage of water vapor. These materials include treated papers, plastic sheets, and metallic foils.
Variable Costs	Operating expenses that fluctuate with occupancy, such as utilities and maintenance costs.
Variable Lease	Allows for increases in the rental charges during the lease period. One of the more common is the graduated lease which provides for specified rent increases at set future dates. Another is the index lease, which allows rent to be increased or decreased p
Variance	Permission obtained from governmental zoning authorities to build a structure or conduct a use that is expressly prohibited by the current zoning lows; an exception from the zoning laws. A variance gives some measure of elasticity to the zoning game.
Variate	A single item in a group.
Vendee	The purchaser of realty; the buyer. The buyer under a land contract.
Vendor	The seller of realty. The seller under a land contract. In some cases, the vendor may not be the owner–he or she might be the holder of an option.
Verification	Confirmation under oath of the truthfulness of a statement.
Veteran’s Administration (Va)	Federal agency providing assistance to veterans, including the guarantee of VA mortgage loans.
Veteran’s Exemption	California war veterans may receive a $4,000 exemption on the full cash value of their homes.
Void	Having no legal force or binding effect; a nullity; not enforceable. A void agreement is no contract at all. A void contract need not be disaffirmed, nor can it be ratified. A contract for an illegal purpose (for example, gambling) is void. A voidable con
Voidable Contract	A contract that seems to be valid on the surface but may be rejected or disaffirmed by one or both of the parties.
Volatile Organic Compounds	Carbon compounds that tend to be emitted as gases into the air. Organic chemicals are widely used as ingredients in household products. Paints, varnishes, and wax all contain organic solvents, as do many cleaning, disinfecting, cosmetic, degreasing, and h
Voluntary Conveyance	Voluntarily signing over to a lender the property pledged as collateral on a defaulted loan. (See deed in lieu of foreclosure)
Voluntary Lien	A lien placed on property with the knowledge and consent of the property owner. (See lien)
VA loans	A program that allows most veterans to purchase a house without a down payment.
Variable interest rate	A loan rate that moves up and down based on factors including changes in the rate paid on bank certificates of deposit or Treasury bills.
Variable rate	An interest rate that changes with fluctuations in such indexes as the U.S. Treasury bill index.
Variable rate mortgage	A loan with an interest rate that hinges on factors such as the rate paid on bank certificates and Treasury bills.
Vaulted ceiling	An elongated half-cylinder that arches above the floor.
Verification of deposit	Part of the loan process, in which a lender will ask a borrower’s bank to sign a statement verifying the borrower’s account balances and history.
Verification of employment	Part of the loan process, in which a lender asks the borrower’s employer for confirmation of the borrower’s position and salary.
Vestibule	A small entrance hall or room.
Veterans Administration (VA)	The U.S. Department of Veterans Affairs operates a variety of programs to help veterans. One of the key plans it oversees is the VA loan program, which allows most veterans to purchase a house without a down payment.
Victorian style	An architectural style that dates from the mid-19th century.
Vinyl-clad windows	Wood windows sheathed in vinyl on the outside.
Voluntary lien	A lien that a homeowner willingly gives to a lender.

W

Wainscoting	Wood paneling, tongue-and-groove boards or similar material installed between a baseboard and a chair rail.
Waiver	A voluntary relinquishing of certain rights or claims.
Walk-out basement	A feature that allows a door to open onto ground level.
Walk-through	A buyer’s final inspection of the home to determine if conditions in the purchase agreement have been satisfied.
Warranty	A legally binding promise to do something in the future.
Wetlands	Watery areas such as swamps, marshes and floodplains.
Wild deed	An improperly recorded deed.
Will	The most basic legal document outlining the disposition of a person’s estate in the event of death.
Window light	An individual pane of glass.
Window seat	A bench built under an interior window.
Window well	A curved, corrugated steel insert used to isolate basement windows from moisture if they’re below the soil line.
Window well covers	Curved plastic covers designed to be installed on top of a window well to cover the opening.
Wraparound mortgage	A loan to a buyer for the remaining balance on a seller’s first mortgage and an additional amount requested by the seller. Payments on both loans are made to the lender who holds the wraparound loan.
Waiver	To give up a right voluntarily. (See workout)
Walk-Through	A final inspection of a property just before closing. This assures the buyer that the property has been vacated, that no damage has occurred and that the seller has not taken or substituted any property contrary to the terms of the sales agreement. If dam
Warehousing	Warehousing is the assembly of mortgage loans into “pools.” Securities that represent shares in these pools are then sold to investors. Examples of warehousing “agencies” include Fannie Mae/Federal National Mortgage Association and Ginnie Mae/Government N
Warranty	A promise that certain stated facts are true. A guaranty by the seller, covering the title as well as the physical condition of the property. A warranty is different from a representation in that a representation is a statement made in the course of negot
Warranty Deed	A deed in which the grantor fully warrants good clear title to the premises; also called a general warranty deed. The usual covenants of title are covenant of seisin (possession), covenant of quiet enjoyment, covenant against encumbrances, covenant of war
Waste	An improper use or an abuse of a property by a possessor who holds less than fee ownership, such as a tenant, life tenant, mortgagor or vendee. Such waste ordinarily impairs the value of the land or the interest of the person holding the title or the reve
Water Table	The natural level at which water is located in a particular area, be it above or below the surface of the earth.
Water Well	An excavation where the intended use is for location, acquisition, development, or artificial recharge of ground water.
Weekly Activity Report	A weekly written report given to an owner by a listing broker reviewing the sales activities conducted by the broker to sell the listed property.
Weighted Average Technique	When reconciling appraisal approaches, the application of a weight to each approach for averaging. (See appraisal)
Wetlands	Areas that are inundated or saturated by surface or ground water at a frequency and duration sufficient to support vegetation typically adapted for life in saturated soils. Also referred to as bogs, marshes, sloughs and swamps.
Wholesale Agreements	An agreement of a loan originator to work exclusively with a single lender.
Will	A written document, properly witnessed, providing for the transfer of title to property owned by the deceased, called the testator.
Will-Buy Buyers	Will-buy buyers are bargain-hunters looking for motivated “must-sell” sellers. (See must-sell sellers)
Will-Sell Sellers	Unmotivated sellers who put their property on the market at an above-market price. Sellers who do not need to sell but will if the price is right.
Window Well	The dugout area just outside of a basement window that can be used to escape in the event of a fire.
Workers’ Compensation Acts	Laws that require an employer to obtain insurance coverage to protect his or her employees who are injured in the course of their employment.
Working Level (WL)	A unit of measurement for documenting exposure to radon decay products. One working level is equal to approximately 200 picoCuries per liter.
Workout	The various ways to offset a foreclosure. (See moratorium, waiver)
Wraparound Mortgage	A method of financing in which the new mortgage is placed in a secondary or subordinate position; the new mortgage includes both the unpaid principal balance of the first mortgage and whatever additional sums are advanced by the lender. Sometimes called a
Writ Of Execution	A court order authorizing and directing an officer of the court (sheriff, police officer) to levy and sell property of the defendant to satisfy a judgement.

Y

Yield

The return on an investment or the amount of profit, stated as a percentage of the amount invested; the rate of return. In real estate, yield refers to the effective annual amount of income that is being accrued on an investment. The yield on income prope

Z

Zero Coupon Bonds	A single-payment bond that grows to its face value over a prescribed time period at a specific interest rate. All compound interest is tax-deferred until the bond is cashed.
Zoning	The regulation of structures and uses of property within designated districts or zones. Zoning regulates and affects such things as use of the land, lot sizes, types of structure permitted, building heights, setbacks and density (the ratio of land area to
Zoning Ordinance	An exercise of police power by a municipality to regulate and control the character and use of property.
Zoning Variance	A zoning variance permits a change in the specifications required by the zoning ordinance.

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