Select Glossary Term: 80-10-10 ----------A---------- abstract of title abutting accelertaion clause acceptance acknowledgement acre additional principal payment adjustable rate mortgage (ARM) adjusted basis adjustment period adjustments adverse possession agency alienation Clause amenities ammendment amortization schedule annual percentage rate (APR) application application fee appraisal appraised value appreciation asking (list) price assessed value assessment assessor asset assignee assignment assumable mortgage assumption of mortgage auction ----------B---------- balloon mortgage balloon payment bankruotcy bill of sale biweekly mortgage blanket mortgage blockbusting bonus to selling agent breach of contract bridge loan broker brokerage BSTA bundle of rights buy down buyer's broker ----------C---------- calendar year cap capital gains cash out CC&R CCCS ceiling Certificate of Eligibility chain of title channeling chattel cleaning fee clear title closing closing costs closing statement cloud on title co-borrower co-op co-tenants collateral collection commingling commission common area assessments common areas common law comparables compound interest condemnation condominium condominium conversion consideration construction loan Consumer Credit Counseling Service (CCCS) contingency contract contract of sale conventional loan convertible ARM conveyance cooperative housing counter offer covenant covenants, conditions & restrictions (CC&Rs) credit credit bureau credit file credit history credit insurance credit limit credit report credit score creditor cul-de-sac ----------D---------- DBA debt debt service debt-service ratio deduction deed deed in lieu (of foreclosure) deed restrictions default delinquency delivery deposit depreciation descent devise disclosure discount points (or points) discount rate dominant tenement down payment dual agency due on sale duress ----------E---------- earnest money earnest money contract (EMC) easement easement by prescription effective interest rate egress eminent domain encroachment encumbrance endorsement Equal Credit Opportunity Act (ECOA) Equal Treatment/Different Impact equity escalator clause escheat escrow escrow account escrow analysis escrow disbursements estate eviction examination of title exception excusive right to sell (ERS) expropriation ----------F---------- Fair Credit Reporting Act Fair Housing Act & Fair Housing Amendments Act fair market value Fannie Mae Federal Deposit Insurance Corporation (FDIC) Federal Emergency Management Agency (FEMA) Federal Housing Administration fee simple fee simple estate FHA fiduciary first mortgage fixed mortgage rate fixture flood insurance flood plain For Sale By Owner (FSBO) foreclosure forfeiture fraud Freddie Mac FSBO functional obsolescence ----------G---------- gated community Ginnie Mae good faith estimate government survey method grace period grantee grantor gross debt service gross income gross lease ----------H---------- hazard insurance highest and best use hold harmless Home Equity Conversion Mortgage (HECM) home equity loan home warranty home inspection homeowners' association (HOA) homeowners' insurance house closing Housing and Urban Development, Department of (HUD) HUD ----------I---------- implied warranty of habitability improvements incidents of ownership income approach to value index ingress inspection clause insurable title interest interest rate intestate intimidation invitee ----------J---------- joint tenancy judgement judicial foreclosure jumbo loan ----------L---------- laches landlord late charge latent defect lease lease option lease purchase leasehold estate legal description lender lessee lessor leverage liabilities liability insurance lien lien theory state life cap life estate life tenant line of credit lis pendens listing agreement loan loan officer loan origination loan servicing loan-to-value ratio (LVT) lock or lock in lock-in period LTV ----------M---------- madatory continuing education (MCE) manufactured home margin market approach to value market value maturity mechanic's lien mediation metes and bounds mineral rights minimum payment minority misrepresentation modification mobile home month-to-month tenancy monument mortgage mortgage banker mortgage broker mortgage loan mortgagee mortgage insurance mortgage insurance premium mortgage life and disability insurance mortgager Multiple Listing Service (MLS) ----------N---------- negative amortization no cash-out refinance no-cost loan non-escrowing loan note note rate notice of default nuisance ----------O---------- obsolescence offer open house option option fee ordinance original principal balance origination fee owner financing ----------P---------- partial payment payment change date percentage lease periodic payment cap person personal property personalty physical deterioration PITI planned unit development (PUD) plat book points police power power of attorney (POA) pre-approval prepayment prepayment clause in a mortgage prepayment penalty pre-qualification prime rate principal principal balance private mortgage insurance (PMI) promissory note property taxes pro-rate public auction purchase agreement purchase offer ----------Q---------- qualify qualifying ratios quiet enjoyment quitclaim deed ----------R---------- rate lock ready, willing and able real estate real estate agent real estate board Real Estate Settlement Procedures Act (REPSA) real property REALTOR® realty receiver recorded plat recorder recording redlining refinance transactoin Regulation 'Z' release remainder remaining balance reserves reservation RESPA restrictions revolving debt right of first refusal right of ingress or egress right of survivorship riparian owner running with the land ----------S---------- sale-leaseback sales contract second mortgage secondary mortgage market secured loan security security deposit security interest self amortized loan servicing a loan servient tenement setback settlement statement short sale (of house) simple interest single-family home special warranty deed Statute of Frauds steering subdivision sublease subordinate financing subpoena substitution, principle of succession suit for specific performance survey sweat equity ----------T--------- taking tenancy by the entirety tenancy in common tenant tenants in common tenement term time is of the essence timeshare title title company title insurance title search title theory state town house triple net lease trustee Truth-in-Lending two-step mortgage ----------U---------- underwriting unlawful detainer usury ----------V---------- VA variable rate variance vendee vendor virtual home tour void voidable ----------W---------- waiver walk through warranty deed writ of execution ----------Z---------- zoning

# | A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z

taking
See eminent domain.

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tenancy by the entirety
A special kind of property ownership that's only for married couples. Both spouses have the right to enjoy the entire property, and when one spouse dies, the surviving spouse gets title to the property (called a right of survivorship). It is similar to joint tenancy, but it is available in only about half the states.

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tenancy in common
A type of ownership in which two or more people have an undivided interest in property, without the right of survivorship. Upon death of one of the owners, his/her interest passes to his/her heirs or devises. Contrast with joint tenancy.

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tenant
Anyone, including a corporation, who rents real property, with or without a house or structure, from the owner (called the landlord). The tenant may also be called the "lessee."

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tenants in common
See tenancy in common.

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tenement
Everything that may be occupied under a lease by a tenant.

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term
The actual life of a mortgage, at the end of which the mortgage becomes due and payable unless the lender renews the mortgage.

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time is of the essence
A clause, which if included in a contract, makes failure to perform by a specified date a material breach or violation of the contract.

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timeshare
An arrangement under which a purchaser receives an interest in real property and the right to use an accommodation or amenities, or both, for a specified period and on a recurring basis. Used primarily for selling vacation properties.

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title
The right of ownership of a property.

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title company
A company that provides title insurance policies. Tiitle companies also act as escrow agents, conduct title searches and hold closings.

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title insurance
Protection for lenders or homeowners against financial loss resulting from legal defects in the title.

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title search
Checks all the records relating to the property to determine whether the seller can sell the property, and can do so free of liens.

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title theory state
The system in which the lender has legal title to the mortgaged property and the borrower has equitable title. Michigan is not a title theory state. Contrast with lien theory state.

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townhouse
A dwelling unit usually with two,three or four floors, and shared structural walls. It can be individually owned, a condominium, a cooperative, a planned unit development or a rental property.

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trustee
One who as agent for others handles money or holds title to their land.

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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.  

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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. 

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