Terms with Category Real Estate

  • Subdivide Definition,
    • To split something (like a plot of land) into smaller sections.
  • Sublet Definition,
    • An arrangement where a tenant leases property to a subtenant.
  • Survey (srvy) Abbreviation,
    • A map executed by a licensed surveyor, which sets down precisely the boundaries of a given property as well as improvements, references to known landmarks, and the property's notable features.
    As in surveyed land.
  • Takeout Mortgage Loan Definition, Important,
    • A long term mortgage loan that is advanced to borrower on completion of construction or in compliance with any other conditions in the loan commitment. The funds are normally used to pay off or take out the construction lender.
  • Tax Instalment Payment Plan (TIPP) Bank, Canada,
    • A popular property tax payment plan that allows you to pay your taxes monthly without any penalties or additional charges.
  • Tax Lien Bank,
    • A claim, or obstacle, to the sale of property because of unpaid taxes. The property's title can't be transferred until liens are paid.
  • Tax Sale Definition,
    • A government sale of property to recover unpaid taxes.
  • Tear-down Condition Definition,
    • A house that is bought so it can be razed to make room for a newer house; usually located in a spectacular setting.
  • Tenancy by the Entirety (TBE) Bank,
    • An arrangement where spouses have an undivided interest in a property. If a spouse dies, the other retains ownership.
  • Tenancy in Common Definition,
    • Ownership by two or more people in which each person owns an undivided interest in the entire property and all have equal rights to use the property. When one tenant in common dies, that person's interest may be sold, mortgaged or transferred to another in a will.
  • Tenant Bank,
    • One who rents property.
  • Tenure Definition,
    • The act, fact, or condition of holding something in one's possession such as real estate. A period during which something is held.
  • Timeshare Definition,
    • A form of multiple ownership of a piece of property in which each owner has access to the property for a period during the year. Most timeshares are vacation homes in resort areas.
  • Title Definition,
    • Evidence of a person's right to possession ownership of a property.
  • Title Company Definition,
    • A company that checks a property's title for liens and other obstacles to sale, fixes any clouds to title, supervises the closing transaction, and makes sure that money transfers in a purchase are processed correctly.
  • Title Defect Definition,
    • A legal claim by others to property, or the right to make demands upon an owner.
  • Title Insurance Definition,
    • Insurance that covers title defects and ownership challenges on a property.
  • Title Report Definition,
    • A report that reveals any competing claims, liens, or other problems relating to a property. A title report is required before title insurance will be issued. Also known as a "Preliminary Title Report" or "Prelim."
  • Title Search Definition,
    • A check of public records to make sure that the owner of real property has the right to transfer ownership. A title search is designed to spot gaps in the chain of title, liens, problems with the legal description of the property, judgements against the owner, and the like.
  • Torrens System Definition,
    • A system that is provided by Provincial law for the registration of land titles. The system records the state of the title, including ownership and encumbrances without the necessity of an additional search of the public records. Also known as the "Land Titles System."
  • Townhouse (twnhse, th, town) Abbreviation,
    • A house that is attached to or built close to other houses.
  • Trade Equity Bank,
    • A swap of property, such as real estate or a car, as part of a down payment for other real estate.
  • Trading Down Definition,
    • Selling a more-expensive house to buy a less-expensive dwelling.
  • Trading Up Definition,
    • Selling a house to buy a more-expensive house.
  • Transfer of Title (TOT) Acronym,
    • A document signed by the seller and purchaser transferring ownership, at which time the document is registered against the property.
  • Triplex Definition,
    • One building that contains three housing units.
  • Type 'A' Property Definition,
    • Residential property that is centrally heated and accessible year-round.
  • Type 'B' Property Definition,
    • Property that may not be centrally heated or may only be seasonally accessible.
  • Underwriting (UW) Bank, Important,
    • The analysis of risk involved in making a mortgage loan to determine whether the risk is acceptable to the lender. Underwriting involves evaluating the property as outlined in the appraisal report, and also evaluating the borrower's ability and willingness to repay the loan.
    • Assessing individuals for eligibility and issuing and distributing a financial product such as insurance, equity capital or credit.
  • Upgrades Definition,
    • Options that allow buyers of newly built houses to select higher-quality floor coverings, cabinets, windows and other amenities for more money.
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