Real Estate Terms |
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| There are 942 entries in the glossary. | ||
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| Term | Definition | |
| 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 also Adjustable-Rate Mortgage) | |
| Triple-net lease | A lease in which the tenant pays, in addition to rent, all expenses related to the operation of the property. | |
| Trust deed | See Deed of Trust. | |
| Trustee | A fiduciary who holds or controls property for the benefit of another. | |
| Truth in lending act | A federal law that requires lenders to provide complete and correct information, in writing, about how much a borrower owes when payments are due and how much they are, and what interest rates and other charges are. | |
| 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. Your lender should provide you with the Truth-in-Lending (TIL) Statement within three business days of your loan application. This document outlines the costs of your loan, and it is given to you so you can compare the costs with those of other lenders. | |
| 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. | |
| U.S. Department of Housing and Urban Dev | A federal govern-ment agency responsible for managing many of the nation's housing programs and for protecting rights of homebuyers, homeowners, sellers, and renters. | |
| U.S. Department of Veterans Affairs | The Veterans Administration is a federal government agency authorized to guarantee loans made to eligible veterans under certain conditions. To obtain more information, you can contact the U.S. Department of Veterans Affairs.The VA guarantee allows qualified veterans to buy a house costing up to $203,000 with no down payment. Moreover, the qualification guidelines for VA loans are more flexible than those for either the Federal Housing Administration (FHA) or conventional loans.If you are a qualified veteran, this can be an attractive mortgage program. To determine whether you are eligible, check with your nearest VA regional office. | |
| Underimproved | A property not being used to its fullest and best potential. | |
| Underwriting | The process of evaluating a loan application to determine the risk involved for the lender. Underwriting involves an analysis of the borrower's creditworthiness and the quality of the property itself. | |
| Unsecured credit | Any credit that is not secured by property (such as a house). A credit card is unsecured credit, a mortgage loan is secured. | |
| Unsecured Loan | A loan that is not backed by collateral. | |
| Urban Development Action Grant (UDAG) | Program administered by the Assistant Secretary for Community Planning and Development, used to provide funding for projects in economically-distressed cities. | |
| Urban Homesteading | The Housing and Community Development Act of 1974 authorized sale of publicly-owned properties to qualified individuals at minimal cost based on individual's agreement to rehabilitate and occupy the property for a set period of time. This program was expanded by the Housing and Community Development Act of 1987, which authorized resident management and ownership of public housing (see "Resident Ownership"). | |
| Usable area | Rentable area less certain common areas that are shared by all tenants (corridors, storage, bathrooms, etc.). = rentable area - common areas. | |
| Usury | Interest on a loan at a rate higher than allowed by law. | |
| Usury laws | State laws limiting the maximum interest rate which can be charged on loans. | |
| VA (Veterans Administration) Loan | Loan guaranteed by the Veterans Administration. | |
| VA loans | A loan that is guaranteed by the Veterans Administration. | |
| VA Loans (Department of Veterans Affairs | The Veterans Administration is a federal government agency authorized to guarantee loans made to eligible veterans under certain conditions. To obtain more information, you can contact the U.S. Department of Veterans Affairs.The VA guarantee allows qualified veterans to buy a house costing up to $203,000 with no down payment. Moreover, the qualification guidelines for VA loans are more flexible than those for either the Federal Housing Administration (FHA) or conventional loans.If you are a qualified veteran, this can be an attractive mortgage program. To determine whether you are eligible, check with your nearest VA regional office. | |
| VA Mortgage | A mortgage that is guaranteed by the Department of Veterans Affairs (VA). Also known as a government mortgage. | |
| Vacancy | Loss Rent that is not collected due to turnover or sustained vacancy of a commercial space. | |
| Valuable consideration | Consideration in the form of money, promises, or property. | |
| Variable expenses | Costs, such as utilities, that vary with a building's occupancy rate. | |
| Variable-Rate Mortgage (VRM) | A mortgage loan for which the interest varies according to an index. | |
| Variance | The right to deviate from the use of land prescribed by an existing zoning ordinance. | |
| Vendee | The buyer. | |
| Vendor | The seller. | |
| Verification | The process of making sure or verifying that all of a borrower's loan applica-tion information is accurate. | |
| Vested | Having the right to use a portion of a fund such as an individual retirement fund. For example, individuals who are 100 percent vested can withdraw all of the funds that are set aside for them in a retirement fund. However, taxes may be due on any funds that are actually withdrawn. | |
| Walk-Through | Final Walk-through Inspection -- Your sales contract should include a clause that allows you to examine the property you want to purchase within the 24 hours before closing.This walk-through, during which you will be accompanied by the real estate sales professional, is your chance to ensure that the seller has vacated the house and left behind whatever property was agreed upon.Make sure to check that all lights, appliances, and plumbing fixtures are in working order.You will also want to make sure that all conditions of the sales contract have been met. If they aren't, or you observe major problems, you have the right to delay the closing until the problems are corrected.One other option is to make sure money to correct the problems is placed in an escrow account at closing to cover the cost of repairs. | |
| Warranty | A guarantee by a seller or manufacturer that a product is what it is claimed to be, that it is in working order, and, in some cases, that the seller or maker will repair the product. | |
| Water rights | Rights associated with the use of water adjacent to, in, or underneath the property. | |
| What-If Scenario | A change in the amounts that is used as the basis of an affordability analysis. A what-if scenario can include changes to monthly income, debts, or down payment funds or to the qualifying ratios or down payment expenses that are used in the analysis. You can use a what-if scenario to explore different ways to improve your ability to afford a house. | |
| Will | Document executed during a person's lifetime that conveys the person's property at death. | |
| Wiring diagram | A diagram of the electrical wiring in a house, showing where all the cir-cuits and plugs are. | |
| Wraparound Mortgage | A mortgage that includes the remaining balance on an existing first mortgage plus an additional amount requested by the mortgagor. Full payments on both mortgages are made to the wraparound mortgagee, who then forwards the payments on the first mortgage to the first mortgagee. | |
| Yield | Return on an investment or loan. | |
| Zoning | A county or city law stating the types of use to which properties can be put in specific areas. | |
| Zoning Ordinances | The acts of an authorized local government establishing building codes, and setting forth regulations for property land usage. | |
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| Glossary V2.0 | ||
