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Athens GA Homes
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TALCB
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Acronym - Texas
Appraiser Licensing and Certification Board
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taking
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See eminent domain.
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tenancy by the entirety
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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
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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
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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
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See tenancy in
common.
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tenement
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Everything that may be occupied under a lease
by a tenant.
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term
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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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Texas
Appraiser Licensing and Certification Board (TALCB)
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A regulatory agency of the State of Texas,
the TALCB was created in 1991 to license, certify and regulate real estate
appraisers in Texas under state and federal laws. It superseded the Texas
Real Estate Appraiser Certification Committee of the Texas
Real Estate Commission.
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Texas Deceptive Trade Practices - Consumer
Protection Act
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Makes it illegal for false, misleading, or
deceptive acts or practices in the advertising, offering for sale, selling,
or leasing of any real or personal property. The Act provides for civil
penalties and in some cases, for mandatory triple damages and attorney
fees for the aggrieved party. Also see Deceptive
Trade Practices Act.
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Texas Housing Agency (THA)
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Created in 1979, the THA issues tax exempt
mortgage revenue bonds. The funds may be used to purchase existing mortgages
from lending institutions, to purchase new mortgage loans, or to make direct
loans to qualified housing sponsors who are recommended by a lending institution.
The agency does not actually originate mortgages, but issues commitments
to lenders to purchase mortgages that meet all the agency's requirements.
This is known as a forward commitment program.
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Texas
Natural Resource Conservation Commission (TNRCC)
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The TNRCC is the lead environmental agency
for The State of Texas. Its mission is to protect the state's human
and natural resources consistent with sustainable economic development.
Goals include clean air, clean water, and the safe management of waste.
The TNRCC is responsible for the general supervision and oversight of water
districts and utilities, including the processing of petitions to create
a district and applications to approve a utility service area. In addition,
the agency maintains approval authority over many utility matters including
the review of most district bond issues to assure the engineering and economic
feasibility of projects, as well as standby fees, impact fees, fire plans,
and other district matters plus the rates charged by privately-owned and
member-owned utilities.
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Texas
Real Estate License Act (TRELA)
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The law which established the Texas Real Estate
Commission and governs the licensure and lawful behavior of Real Estate
Brokers and Salespersons. The Texas Real Estate License Act may be
amended by the State Legislature, as it deems necessary.
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Texas
Real Estate Commission (TREC)
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The state regulatory agency responsible for
the education and licensing of Real Estate Brokers, Inspectors and Salespersons.
TREC also provides enforcement of the Texas
Real Estate License Act, the Rules of the of the Real Estate
Commission, the Texas Timeshare Act and the Residential Service Company
Act. The mission of the Texas Real Estate Commission is to assist
and protect consumers of real estate services, and foster economic growth
in Texas. Through its programs of education, licensing and industry regulation,
the Commission ensures the availability of capable and honest real estate
service providers.
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Texas Veterans Home Improvement Program
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This program assists Texas veterans in the
repair and improvement of their principle residence by providing low interest
home improvement loans up to $15,000.
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Texas Veterans Housing Assistance Program
(VHAP)
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Established by a constitutional amendment
in 1984, the VHAP assists Texas veterans in the purchase of a principal
residence.
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Texas Veterans Land Program
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Established by state in 1949 to assist Texas
veterans to buy land with a small down payment and with long term mortgages
with low interest rates.
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time is of the essence
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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
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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
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The right of ownership of a property.
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title company
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A company that provides title insurance policies.
In Texas title companies also act as escrow agents, conduct title searches
and hold closings.
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title insurance
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Protection for lenders or homeowners against
financial loss resulting from legal defects in the title.
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title search
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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
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The system in which the lender has legal title
to the mortgaged property and the borrower has equitable title. Texas is
not a title theory state. Contrast with lien
theory state.
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TNRCC
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See Texas
Natural Resource Conservation Commission.
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torrens system
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A system of land registration (not used in
Texas) in which clear title is established with a governmental authority,
which issues title certificates to owners.
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townhouse
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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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transaction fee
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A fee which may be charged each time you draw
on a home equity credit line.
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TREC
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Acronym - Texas
Real Estate Commission.
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TRELA
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Acronym - Texas
Real Estate License Act.
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TRERC
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Acronym - Texas Real Estate Research Center,
now renamed Real Estate Center.
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triple net lease
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See net lease.
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trust deed
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The most common method of financing real estate
purchases in California (most other states use mortgages). The trust deed
transfers the title to the property to a trustee--often a title company--who
holds it as security for a loan. When the loan is paid off, the title is
transferred to the borrower. The trustee will not become involved in the
arrangement unless the borrower defaults on the loan. At that point, the
trustee can sell the property and pay the lender from the proceeds.
In Texas it is more commonly refered to as a deed
of trust.
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trustee
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One who as agent for others handles money
or holds title to their land.
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