Las Vegas Real Estate Glossary T
(Tenancy in Common - Trade Equity)
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Tenancy in Common
A type of joint tenancy in a property without right of survivorship.
Contrast with tenancy by the entirety and with joint tenancy.
The obligee for a cooperative share loan, who is both a stockholder
in a cooperative corporation and a tenant of the unit under a proprietary
lease or occupancy agreement.
A rocess 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. See mortgage broker.
A legal document evidencing a person's right to or ownership of a property.
A company that specializes in examining and insuring titles to real
Insurance that protects the lender (lender's policy) or the buyer (owner's
policy) against loss arising from disputes over ownership of a property.
A check of the title records to ensure that the seller is the legal
owner of the property and that there are no liens or other claims outstanding.
Total Expense Ratio
Total obligations as a percentage of gross monthly income. The total
expense ratio includes monthly housing expenses plus other monthly debts.
Total Loan Amount
Amount of money borrowed plus any financed closing costs.
Total Monthly Housing Costs
Total costs made up of principal, interest, property taxes and insurances.
Equity that results from a property purchaser giving his or her existing
property (or an asset other than real estate) as trade as all or part
of the down payment for the property that is being purchased.