SWAMP
Soft, wet land, usually containing heavy vegetation and under water much of the time.
SWEAT EQUITY
The substitution of a borrower’s (buyer’s) work to improve the property for the usual cash down payment.
SWING LOAN
An interim loan made so that the borrower may purchase property during a pending sale of borrower’s property. The proceeds from the sale are then used to pay off the swing loan.
SYNAGOGUE
Meaning “to bring together”, it is a building where Jews assemble to worship.
SYNDICATE
An association of individuals, formed for the purpose of carrying on some particular business venture in which the members are mutually interested.
T-BILLS
See: Treasury Bills.
TACKING
(1) Annexing a lien to one superior to it in order to gain the priority of the superior lien and defeat an intermediate lien. Generally not allowed. (2) Annexing periods of possession to add up to enough time for successful adverse possession. For example: A begins adverse possession. A dies and A’s son takes up possession, adding A’s time to his own. Not always allowed.
TAH (TARGETED AFFORDABLE HOUSING)
See: Multifamily Affordable Housing.
TAKE OUT COMMITMENT
Agreement by a lender to place a long term (take out) loan on real property after completion of construction.
TAKE OUT LOAN
The “permanent” (long term) financing of real estate after completion of construction.
TAKING
As a legal term, it is used to describe acquisition such as taking by will; it is most commonly used as a real estate term to mean acquisition by eminent domain.
TALUS
Rocks at the foot of a hill or other slope, which accumulate by sliding or rolling down the slope from the action of wind, rain, and gravity.
TANDEM PLAN
A method of keeping home financing active by the purchase of mortgages by GNMA (Government National Mortgage Association) at face value (par), for resale to FNMA (Federal National Mortgage Association), a private corporation, at a discount.
TANGIBLE PROPERTY
See: Corporeal Property.
TANGIBLE VALUE
Value in appraisal of the physical value (land, buildings, etc.), as opposed to the value of an intangible, such as a favorable lease.
TARGETED AFFORDABLE HOUSING
See: Multifamily Affordable Housing
TAX AND INSURANCE ESCROW
See: Impound Account.
TAX BASE
The assessed valuation of real property, which is multiplied by the tax rate to determine the amount of tax due.
TAX BOOK
See: Tax Roll.
TAX BRACKET
The percentage of income tax which one pays, based on graduated tax tables.
TAX DEED
(1) Deed from tax collector to governmental body after a period of non-payment of taxes according to statute. (2) Deed to a purchaser at a public sale of land taken for delinquent taxes. The purchaser receives only such title as the former owners had, and strict procedures must be followed to prevent attachment of prior liens.
