2/23/2018

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 Loan Terms

Loan Definitions
Loan Terms (A)
Loan Terms (B)
Loan Terms (C)
Loan Terms (D)
Loan Terms (E)
Loan Terms (F)
Loan Terms (G)
Loan Terms (H)
Loan Terms (I)
Loan Terms (J & K)
Loan Terms (L)
Loan Terms (M)
Loan Terms (N)
Loan Terms (O)
Loan Terms (P & Q)
Loan Terms (R)
Loan Terms (S)
Loan Terms (T)
Loan Terms (U & V)
Loan Terms (W)
Loan Terms (X,Y,Z)

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Loan Terms and Definitions (T)

Tax: A non-voluntary monetary charge that is levied by one or more enacting levels of government, such as federal, state, county, and city agencies. Taxes are imposed on individual incomes, corporations and corporate profits, large and small businesses, real and personal property, and other entities.

Tax Bracket: A formula devised by the Internal Revenue Service that stipulates the amount of taxes that are to be paid by a taxpayer who falls within that particular range or bracket.

Tax Lien: A lien filed against real property for nonpayment of taxes. The lien can be for unpaid property tax, state tax, or federal tax.

Tax Shelter: A term applied to any property that gives the owner an advantage when filing income tax. The shelter includes certain deduction on maintenance expenses, insurance costs, property taxes, depreciation, and other cost factors.

Teaser Rate: In real estate terms, a teaser rate is the initial interest rate quoted on an adjustable rate mortgage that is lower than the fully indexed rate that comes after the initial rate is adjusted. It is called a teaser rate because it is used to entice a borrower into accepting the loan.

Tenants In Common: An undivided interest in real estate by two or more individuals without rights of survivorship if one of the owners dies. The interest of each individual does not have to be equal.

Title Company: A company that issues title insurance policies against flaws or defects on the titles of real property.

Title Insurance: A policy of insurance protecting the title to real property against loss due to flaws or defects in the title.

Transaction Fees: The costs associated with the purchase or the sale of real estate, such as discount points, commissions, loan origination fees, appraisal fees, title costs, and other fees necessary to close an escrow.

Transfer Tax: A tax assessed by the state on the sale or certain other transfers of real property that is based on the sales price. Each state has it's own taxing statutes.

Trust Account: An account that holds the funds of other's during transactions that call for monies to be held separately and not to be commingled. Trust accounts are usually set up by real estate brokers, attorneys, escrow companies, and title companies.

Truth In Lending (Regulation Z): Federal legislation designed to give protection to all borrowers by requiring banks, savings and loans, credit unions, and other lending institutions to submit to the borrowers a written statement breaking down all the costs of the loan within a specified period of time.

 

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