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REAL ESTATE GLOSSARY

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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 type of joint tenancy in a property without right of survivorship. Contrast with tenancy by the entirety and with joint tenacy.

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.

TITLE - A legal document evidencing a person's right to or ownership of a property.

TITLE COMPANY - A company that specializes in examining and insuring titles to real estate.

TITLE INSURANCE - Insurance that protects the lender (lender's policy) or the buyer (owner's policy) against loss arising from disputes over ownership of a property.

TITLE SEARCH - A check of the title records to ensure that the seller is the legal owner of the property and that there are no liens or other claims outstanding.

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).

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-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.

TRUSTEE - A fiduciary who holds or controls property for the benefit of another.

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CENTURY 21 Lakes Region Realty, Route 16 & 25, Ossipee, NH 03815 Cell: (603) 651-8806 Office: (603) 539-2155 Fax: (603) 539-2135
Website: WWW.REINNH.COM      Tim Wade & Pamela Ross, NH REALTORS      Email: LOOKING@REINNH.COM
 
©2007 CENTURY 21 Lakes Region Realty. An Equal Opportunity Company.  CENTURY 21 in 45 countries, 8,000 offices, 147,000 agents of change.
CENTURY 21 Lakes Region Realty fully supports the principles of the Fair Housing Act (Title VIII of the Civil Rights Act of 1968).

Each CENTURY 21 Office Is Independently Owned And Operated. All rights reserved. Information appearing on this site has been produced by or obtained primarily from CENTURY 21 Lakes Region Realty and its representatives and from CENTURY 21 franchisees. CENTURY 21 Lakes Region Realty is not responsible for the accuracy or completeness of the broker information, sales associate information, listing information or other information appearing on or through this site. Such information has been provided by independent third parties who are solely responsible for such content. Certain conditions and restrictions apply to promotions.
CENTURY 21®, your one-stop real estate resource. Equal Housing Opportunity.  
Copyright 2007 Northern New England Real Estate Network, Inc. All rights reserved. This information is deemed reliable but not guaranteed. The data relating to real estate for sale on this web site comes in part from the IDX Program of NNEREN. Subject to errors, omissions, prior sale, change or withdrawal without notice.  The agency referenced may or may not be the listing agency for the property listings displayed on this website.
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