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| Glossary of Lending Terms |
| Your inquiry into the Focus Publications Glossary of Lending Terms produced the following results: |
takeout financing A commitment to provide permanent financing following construction of a planned project. The takeout commitment is generally predicated upon specific conditions, such as a certain percentage of sales or leases, for the permanent loan to takeout the construction loan. Most construction lenders require takeout financing. |
takeout loan A permanent, long-term mortgage on real estate after construction is completed. |
tax As applied to real estate, an enforced charge imposed on persons, property or income, to be used to support the state. The governing body in turn utilizes the funds in the best interest of the public. |
tax base The assessed value of real property. This figure is multiplied by the tax rate to determine the amount of tax due. |
tax lien A tax lien occurs when the federal government imposes a claim in order to liquidate a person’s property until the debt and taxes is paid in full. 1. A property tax lien for non-payment of taxes attaches only to the property upon which taxes are unpaid. 2. A federal income tax lien may attach to all property owned by the person owing the taxes. |
tax roll The county list describing each parcel of property, the owner, the assessed value and the tax amount. |
tax sale Public sale of a property at an auction by a government authority as a result of non-payment of taxes. |
tax shelter A general term referring to any income tax advantages to which the owner of property may be entitled. |
teaser rate A low initial interest rate on a mortgage. |
tenancy at sufferance Tenancy established when a person who had been a lawful tenant wrongfully remains in possession of property after expiration of a lease. See common forms of ownership. |
tenancy at will A license to use or occupy land and buildings at the will of the owner. The tenant may decide to leave the property at any time or must leave at the landlords will. See common forms of ownership. |
tenancy by the entirety A form of joint ownership available only to married couples, in which the ownership interest of a deceased spouse passes automatically to the surviving spouse without probate. The arrangement normally cannot be severed during the marriage without the consent of both spouses. See common forms of ownership. |
tenancy for years Created by a lease for a fixed term, such as six months, two years, etc. See common forms of ownership. |
tenancy in common Undivided ownership of a property by two or more persons without the right of survivorship. Upon the death of one of the owners the beneficiary designated in the owners will inherits the deceaseds share. See See common forms of ownership. |
tenancy in severalty Ownership of property by one person. See common forms of ownership. |
tenant-stockholder The obligee for a cooperative share loan, who is both a stockholder in a cooperative corporation and a tenant in the unit under a proprietary lease or occupancy agreement. |
tender Money, services or something else of value offered in consideration of a contract. |
term 1. A period of time. 2. The length of time usually expressed in months or years, over which a loan is amortized. |
terminate To end or stop. |
termite A small insect, similar to an ant, which eats wood and may cause substantial damage to buildings made of wood. |
termite inspection An inspection, often required by law, to determine the presence of termites and the extent of any damage. |
termite report A Structural Pest Control Inspection Report which covers active infection and infestation by wood destroying organisms, damage from such organisms, conditions that resulted in current structural pest control problems, and conditions that are deemed likely to lead to such problems in the future. |
termite shield A shield against termites built into new houses. |
terms The considerations, other than price, in a contract, such as the way payments will be made, which items will be prorated, when possession will be given, etc. |
third party A general term referring to anyone not a party to a contract or 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. |
time is of the essence Legal phrase that requires all references to specific dates and times noted in the contract be interpreted exactly. |
time is of the essence clause Clause that binds each party to performance on or before the time(s) specified in the contract. If one party does not perform according to the specified time(s) the other party may consider the contract in default. |
time-share A form of property ownership under which a property is held by a number of people, each with the right of possession for a specified time interval. Time-sharing is used mostly for vacation properties. |
title 1. As generally used, the rights of ownership and possession of particular property. 2. In real estate usage, title may refer to the instruments or documents by which a right of ownership is established. |
title commitment A report showing the condition of the title before a sale. The title commitment also states the terms and conditions that must be met before a title insurance policy will be issued. |
title company A company that researches titles and usually also insures them against defects. |
title document The documents by which right of ownership is established. |
title flaw Any encumbrance on a title that interferes with the owner's ability to transfer ownership. |
title insurance Protects lenders or homeowners against loss of their interest in property due to legal defects in title. Title insurance may be issued to a mortgagee's title policy. Insurance benefits will be paid only to the named insured in the title policy, so it's important that an owner purchase an owner's title policy if he desires the protection of title insurance. Title insurance insures history of a property and the perfection of a title. Title insurance protects the lender (lender's policy) or the buyer (owner's policy) against loss arising from disputes over ownership of a property. The cost of the policy is usually a function of the value of the property. |
transfer tax See document fee. |
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