Southwest Florida Real Estate
Real Estate and Mortgage Terms Glossary
Real Estate and Mortgage transactions have languages all their own. Since most people don't use these terms on any type of a regular basis, we are providing this real estate and mortgage term glossary as a quick and easy reference for you to use. Rather than being unsure about a terms meaning, you can check here first. Of course, if you need a more in-depth understanding, please contact us directly and we'll be happy to assist you.
Terms - Letter T
The right to occupy a building or unit.
TENANCY BY THE ENTIRETY
A type of joint tenancy of property that provides right of survivorship and is available only to a husband and wife. Contrast with tenancy in common.
TENANCY IN COMMON
A form of holding title, whereby there are two or more people on title to a property, ownership does not pass on to the others upon the death of one individual.
THIRD PARTY ORIGINATION
When a lender uses a third party to originate and package loans for sale to the secondary market (Fannie Mae, Freddie Mac).
TIME IS OF THE ESSENCE
A clause in a sales contract that requires performance of the contract within the exact time limits specified in the agreement.
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.
A specific document which serves as proof of ownership.
An organization which researches and certifies ownership of real estate before it is bought or sold. Title companies also act at the facilitator ensures all parties are paid during the real estate transaction.
Any legal right to a property claimed by a person other than the owner.
An examination of the public records, laws and court actions to make sure that a property's seller is the legal owner and to disclose all other claims or encumbrances on the property affecting ownership.
A policy which insures a property owner should a prior claim arise against the property after the purchase has been completed. This also covers a lender should a question of ownership arise. See Title Insurance.
The process whereby the Title Company researches a properties title history and ensures that no outstanding claims exist.
A broker who does not represent either party in a real estate transaction and has no fiduciary duties except to the duties of accounting and the use of skill, care and diligence. Transaction brokers must disclose all known facts materially affecting residential properties' value to both buyers and sellers.
TRANSFER OF OWNERSHIP
Any means by which the ownership of a property changes hands.
TRANSFER OF TAX
Taxes payable when title passes from one owner to another.
A bend in water pipe.
A financing instrument in which the borrower/trustor conveys title into the hands of a third-party trustee to be held for the beneficiary/lender. when the loan is repaid, title is re-conveyed to the trustor. Also known as a deed of trust.
A fiduciary that holds or controls property for the benefit of another.
Escrow account used by a third party like a attorney or title company.
TRUTH IN LENDING
A federal law requiring full disclosure by lenders to borrowers of all terms, conditions and costs of a mortgage.
A style of architecture typified by exposed stone, wood and brick construction. Similar in style to English manor homes.