Chicago Real Estate Glossary T
(Transfer of Ownership - Two-step Mortgage)
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Transfer of Ownership
Any means by which the ownership of a property changes hands.
Transfer Tax
State or local tax payable when title passes from one owner to another.
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.
Two-step Mortgage
An adjustable-rate mortgage (ARM) that has one interest rate for the
first five or seven years of its mortgage term and a different interest
rate for the remainder of the amortization term.
Trustee
A fiduciary who holds or controls property for the benefit of another.
Tudor
An English-style imposing looking house with fortress lines. Siding
is chiefly stone and brick with some stucco and half timbers. Windows
and doors have molded cement or stone trim around them.
Turning Point
A changed location for a surveying instrument during a survey.
Turnaround Property
A deteriorated property that can be restored and sold for a gain.
Turnover
Movement for change of people, such as tenants. The sale of one average
real estate inventory item within a specified time.
Two-step Mortgage
Adjustable mortgage with one interest rate for the first five or seven
years of the loan and another for the remained of the loan term.