Real Estate — page 11 of 12

Real Estate terms

1001. Sugaring A term describing the deterioration of stone caused by the breaking up or dissolving of the stone surface.
1002. Superfund Amendments and Reauthorization Act (SARA) (SARA) The Superfund Amendments and Reauthorization Act (SARA) amended the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) on…
1003. Superfund Chemical Data Matrix (SCDM) (SCDM) The Superfund Chemical Data Matrix (SCDM) is a source for factor values and benchmark values applied when evaluating potential National Priorities List…
1004. Superfund Enhanced State and Tribal Role Initiative (STROLE) (STROLE) The purpose of the Superfund Enhanced State and Tribal Role Initiative (STROLE) is to develop a comprehensive plan that EPA can implement to share…
1005. Superfund Job Training Initiative (SUPERJTI) (SUPERJTI) The Superfund Job Training Initiative's (SuperJTI) mission is to provide or support job training opportunities for economically disadvantaged citizens…
1006. Surround The ornamental frame of a door or window.
1007. Survey A precise measurement of a property by a licensed surveyor, showing legal boundaries of a property and the dimensions and location of improvements.
1008. Suspension The temporary disqualification of a firm or individual from contracting with the government or participating in government programs, pending the outcome…
1009. Swag A carved ornament in the form of a draped cloth or a festoon of fruit or flowers.
1010. Swap When you swap or exchange securities, you sell one security and buy a comparable one almost simultaneously.
1011. Sweat Equity A borrower's contribution to the down payment for the purchase of a property in the form of labor or services rather than cash.
1012. Syntactical Edits The loan applications will not be loaded to the FFIEC database. If they should be included on the FFIEC database, the data must be corrected.
1013. Take out loan The permanent (long term) financing of real estate after completion of construction. See "construction loan."
1014. Tax and insurance escrow An account required by some mortgage lenders to fund annual property tax assessments and hazard insurance premiums for the mortgaged property.
1015. Tax credit, Tax depreciation, Tax relief Tax incentive programs designed to encourage, stimulate, or subsidize the ownership of real estate.
1016. tax deed A written document conveying title to property repossessed by the government due to default on tax payments.
1017. tax savings The deduction a taxpayer can take on their tax form for interest paid on a home mortgage.
1018. Tax-free exchange A transaction in which a property is traded for the promise to provide a replacement like-kind property in the near future.
1019. taxes Required payments of money to governments that are used to provide public goods and services for the benefit of the community as a whole.
1020. Taxes and Insurance Funds collected as part of the borrower's monthly payment and held in escrow for the payment of the borrower's state and local property taxes and…
1021. Technical Assistance Grants (TAG) (TAG) A Technical Assistance Grant (TAG) provides money for activities that help communities participate in decision-making at eligible Superfund sites.
1022. Technical Assistance to Brownfields Communities (TAB) (TAB) Technical Assistance to Brownfields Communities (TAB) helps communities to clean and redevelop properties that have been damaged or undervalued by…
1023. Technical Outreach for Communities (TOSC) (TOSC) Technical Outreach for Communities (TOSC) uses educational and technical resources to help community groups understand the technical issues involving the…
1024. Technical Review Workgroup for Lead (TRW) (TRW) The Technical Review Workgroup for Lead (TRW) and the Integrated Exposure Uptake Biokinetic Model for Lead in Children (IEUBK) is an interoffice workgroup…
1025. Technology Innovation Office (TIO) (TIO) The Technology Innovation Office (TIO) of the U.S. Environmental Protection Agency was created in 1990 to act as an advocate for new technologies.
1026. tenancy joint tenancy - equal ownership of property by two or more parties, each with the right of survivorship.
1027. Term A term is the length of time between when a fixed-income security, such as a bond or note, is offered for sale and its maturity date.
1028. Termite Inspection An inspection to determine whether a property has termite infestation or termite damage.
1029. Terms The period of time and the interest rate arranged between creditor and debtor to repay a loan.
1030. Terra cotta Hard fired clay, either glazed or unglazed, molded into ornamental elements, wall cladding, and roof tiles.
1031. Third mortgage Similar to a "second mortgage." See also "second mortgage" under "mortgage."
1032. Third Party Origination A process by which a lender uses another party to completely or partially originate, process, underwrite, close, fund, or package a mortgage loan.
1033. Thrift An organization that primarily accepts savings account deposits and invests most of the proceeds in mortgages.
1034. Tie rod A metal tension rod connecting two structural members, such as gable walls or beams, acting as a brace or reinforcement; often anchored by means of a…
1035. Title A title is a legal document proving ownership of a piece of property. If you are buying real estate you authorize a title search, or examination of…
1036. Title 1 An FHA-insured loan that allows a borrower to make non-luxury improvements (like renovations or repairs) to their home; Title I loans less than $7,500…
1037. Title Company A company that specializes in examining and insuring titles to real estate.
1038. Title Defect An outstanding claim on a property that limits the ability to sell the property. Also referred to as a cloud on the title.
1039. Title Insurance Title insurance protects your lender's interest in your home and real property in case its ownership is contested in court.
1040. Title Search A title search is an examination of property records by a title company or attorney to ensure that the person from whom you are buying a piece of property…
1041. Toxic Release Inventory (TRI) (TRI) The Toxics Release Inventory (TRI) database, contains information concerning waste management activities and the release of toxic chemicals by facilities…
1042. Toxic Substances Control Act (TSCA) (TSCA) The Toxic Substances Control Act (TSCA), passed in 1976, requires tests of chemicals that may harm human health or the environment; reviews of new…
1043. Tracery An ornamental configuration of curved mullions in a Gothic sash.
1044. Trade Equity Real Estate or assets given to the seller as part of the down payment for the property.
1045. Transfer Agent A trust company appointed by a company to keep a record of the names, addresses and numbers of shares held by its shareholders.
1046. Transfer of Ownership Any means by which ownership of a property changes hands. These include purchase of a property, assumption of mortgage debt, exchange of possession of a…
1047. Transfer Tax State or local tax payable when title to property passes from one owner to another.
1048. Transfer Taxes State and local taxes charged for the transfer of real estate. Usually equal to a percentage of the sales price.
1049. Transmittal Sheet (TS) (TS) The transmittal sheet is submitted with a reporter's data. The transmittal sheet includes the following information: reporter's HMDA ID number, regulatory…
1050. Transom 1. A horizontal bar of wood or stone across a window. 2. The cross-bar separating a door from the window, panel, or fanlight above it. 3.
1051. Transom bar A horizontal element that subdivides an opening, usually between a door and window.
1052. 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 by the U.
1053. Trefoil A three-lobed decorative form used in Gothic architecture
1054. Trial Period or Trial Period Plan HAMP requires homeowners to enter into a trial period plan before receiving a permanent HAMP modification.
1055. Trust A fiduciary relationship in which a person, called a trustee, holds title to property for the benefit of another person, called a beneficiary.
1056. Trust account A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies.
1057. Trust company Same or similar to "commercial bank." See also "commercial bank."
1058. Trust deed A deed executed in conformity with title 45, chapter 15, Idaho Code, and conveying real property to a trustee in trust to secure the performance of an…
1059. Trustee A trustee is a person or institution appointed to manage assets for someone else's benefit.
1060. Truth in lending A federal law obligating a lender to give full written disclosure of all fees, terms, and conditions associated with the loan initial period and then…
1061. Truth In Lending Act The Truth-in-Lending Act requires every lender to provide a complete and clear disclosure of the key terms of any lending or leasing arrangement, plus a…
1062. Truth in Lending Act (TILA) (TILA) The Truth in Lending Act is a Federal law that requires lenders to provide standardized information so that borrowers can compare loan terms.
1063. Tuck-Pointing See pointing.
1064. Turret A small tower, usually supported by corbels.
1065. Two Step Mortgage An adjustable-rate mortgage (ARM) that has one interest rate for the first five to seven years of its term and a different interest rate for the remainder…
1066. Two- to Four- Family Property A residential property that provides living space (dwelling units) for two to four families, although ownership of the structure is evidenced by a single…
1067. Type of Purchaser If you sell a loan in the same calendar year in which it was originated or purchased, you must identify the type of purchaser to whom it was sold.
1068. Underground Storage Tank (UST) (UST) An underground storage tank system (UST) is a tank and any underground piping connected to the tank that has at least 10 percent of its combined volume…
1069. Underlying mortgage Refers to the first mortgage when there is a wraparound mortgage. See "wraparound mortgage."
1070. Underwriter An individual in an insurance company who determines what insurance risks will be accepted and on what terms.
1071. Underwriting The purchase for resale of a new issue of securities by an investment dealer or group of dealers.
1072. Uniform Residential Loan Application A standard mortgage application your lender will ask you to complete. The form requests your income, assets, liabilities, and a description of the…
1073. Uniform Settlement Statement A standard document prescribed by the Real Estate Settlement Procedures Act containing information for closing which must be supplied to both buyer and…
1074. Unpaid Principal Balance (UPB) (UPB) amount of a loan that is due to the lender. This does not include additional charges, such as interest.
1075. Unsecured Loan A loan that is not backed by collateral.
1076. Up Front Charges The fees charged to homeowners by the lender at the time of closing a mortgage loan. This includes points, broker's fees, insurance, and other charges.
1077. utility costs Periodic housing costs for water, electricity, natural gas, heating oil, etc.
1078. VA (Department of Veterans Affairs) A federal agency, which guarantees loans made to veterans; similar to mortgage insurance, a loan guarantee protects lenders against loss that may result…
1079. VA (Veterans Affairs, U.S. Department of) A federal government agency that provides benefits to veterans and their dependents, including health care, educational assistance, financial assistance…
1080. VA Guaranteed Loan A mortgage loan that is guaranteed by the U.S. Department of Veterans Affairs (VA).
1081. VA loan See: Veterans Administration.
1082. VA Mortgage A mortgage guaranteed by the Department of Veterans Affairs (VA).
1083. VA mortgage loan A form of mortgage insurance. Housing loans to veterans by banks, savings and loans, or other lenders are guaranteed by the U.S.
1084. Validity Edits The specified data are reported incorrectly and must be corrected. The most common example is incorrect census tracts.
1085. Variable Expenses Costs or payments that may vary from month to month, for example, gasoline or food.
1086. Variable interest rate An amount of compensation to a lender rate that is allowed to vary over the maturity of a loan. The amount of variation is generally governed by an index.
1087. Variable maturity mortgage A long-term mortgage loan under which the interest rate may be adjusted periodically.
1088. Variable payment plan Any mortgage repayment schedule that provides for periodic change in the amount of monthly payments.
1089. Variable rate mortgage (VRM) See: adjustable rate mortgage.
1090. Variance A special exemption of a zoning law to allow the property to be used in a manner different from an existing law.
1091. Vested A point in time when you may withdraw funds from an investment account, such as a retirement account, without penalty.
1092. Veterans Administration (VA) The federal agency responsible for the VA loan guaranty program as well as other services for eligible veterans.
1093. Volute A carved spiral form in classical architecture; often used in pairs as in the capitals of Ionic columns.
1094. Voussoir A wedge-shaped component of an arch.
1095. Walk Through An inspection of a property by the prospective buyer prior to closing on a mortgage.
1096. Walkthrough A common clause in a sales contract that allows the buyer to examine the property being purchased at a specified time immediately before the closing, for…
1097. Warranties Written guarantees of the quality of a product and the promise to repair or replace defective parts free of charge.
1098. Warranty Deed A document protecting a homebuyer against any and all claims to the property.
1099. Weighted Average Life (WAL) (WAL) average number of years for which each dollar of unpaid principal on a loan or mortgage remains outstanding.
1100. Work Out a way to resolve or restructure a loan to prevent a homeowner from going into foreclosure through a loan modification, forbearance or short sale.