Glossary

Glossary

T

Tax-Exempt Property
Any property which is not taxed.
TBD
To Be Determined
TC
Transaction Coordinator
Tenancy
The right to occupy a building or unit.
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).
TIC
Tenants In Common
Title
A specific document which serves as proof of ownership.
Title Company
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.
Title Insurance
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.
Title Search
The process whereby the title company researches a property's title history and ensures that no outstanding claims exist.
TLC
Tender Loving Care
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.
Trap
A bend in water pipe.
Trustee
A party who is given legal responsibility to hold and administer property for the benefit of another (the beneficiary). Trustee's are obligated to act in the best interest of the beneficiary.
Truth In Lending
A federal law requiring full disclosure by lenders to borrowers of all terms, conditions and costs of a mortgage.
Tudor
A style of architecture typified by exposed stone, wood and brick construction. Similar in style to English manor homes.
Turn-Key Property
Turn-Key Property has many definitions:

1. A property that is ready to move into. (in sales or rentals)
2. A property that is already rented and is sold with a renter in place. (in investment property)
3. A business property that has all the items needed to run that business included. IE; furniture, tools, equipment, etc. (in commercial real estate).