| Tax sale A court-ordered sale of real property to raise money to cover delinquent taxes. |
| Tax shelter A realty investment that produces income-tax deductions for its owner. |
| Tenancy by the entirety A form of joint ownership reserved for married persons; right of survivorship exists and neither spouse has a disposable interest during the lifetime of the other. |
| Tenants in common Style of ownership in which two or more persons purchase a property jointly, but with no right of survivorship and separate undivided interests. They are free to will their share to anyone they choose, a principal difference between this form of ownership and joint tenancy. |
| Time-sharing Part ownership of a property coupled with a right to exclusive use of it for a specified number of days per year. |
| Title Actual ownership; the right of possession; also the evidence of ownership such as a deed or bill of sale. |
| Title insurance An insurance policy that protects against any losses incurred because of defects in the title not listed in the title report or abstract. |
| Title report A statement of the current condition of title for a parcel of land. |
| Title search A professional examination of public records to determine the chain of ownership of a particular piece of property and to note any liens, encumbrances, easements, restrictions, or other factors that might affect the title. |
| Townhouse Usually a two- or three-story dwelling with shared walls, or a living unit operating under the condominium or townhouse form of ownership. |
| Trust deed A document used in place of a mortgage in certain states; a third-party trustee, not the lender, holds the title to the property until the loan is paid out or defaulted. Also called a deed of trust. |
| Trustee One who as agent for others handles money or holds title to their land. |
| Tax basis The price paid for a property plus certain costs and expenses, such as closing costs, legal counsel, and a commission paid to help find the property. |
| Tax credit An allowed deduction that can be subtracted from your income tax. If you are entitled to a $1,500 credit, and your income tax would otherwise be $10,000, the credit would reduce the tax due to $8,500. |
| Tax rate The rate at which real property is taxed in a tax district or county. For example, in a certain county, real property may be taxed at a rate of 55 mills (or 0.055) per dollar of assessed valuation. |