Tax Lien
Lien for nonpayment of taxes
Tax Sale
The consequence when taxes are not paid for. The property is put on auction by the government for public sale.
Teaser Rate
A mortgage with a low starting interest rate normally used to attract prospective borrowers.
Tenancy for Years
The amount of time a lease is enacted for (8 months, 3 years, etc.).
Tenancy in Common
Two or more people sharing the same residency and share the same belief of survivorship. In this case, if one of the residents shall decease the major beneficiary of the deceased person will inherit the ownership of the residency.
Tenancy in Severalty
A single owner of the property.
Time Share
Usually used in vacation properties. Ownership of the property is usually by a group of people and only for a specified interval in the lease.
Title
Evidence of ownership. Showing the owner of the property and that they are in lawful possession.
Title Insurance
A policy usually for the buyer and the lender. The insurance policy is created as protection from loss and damage caused by problems in the title.
Title Report
A document containing all information pertaining to the title's condition. The information included on this document is: mortgages, liens, easements, covenants, restrictions, and other problems that may be seen.
Title Search
A search conducted to conclude the ownership of property.
Town House
Homes that are generally of the two story nature and attached side-by-side to one another. Commonly found in planned unit developments (PUDs).
Tract
Land that is subdivided for the use of a development or other needs.
Transfer Tax
After the sale of property taxes are taken out and divided between the state, county, city, and other government agencies.
Truth in Lending
Federal Regulation Z defines truth in lending.
