Trustee
One who as agent for others handles money or holds title to their land.
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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.
Townhouse
Usually a two- or three-story dwelling with shared walls, or a living unit operating under the condominium or townhouse form of ownership.
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.
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
Actual ownership; the right of possession; also the evidence of ownership such as a deed or bill of sale.
Time-sharing
Part ownership of a property coupled with a right to exclusive use of it for a specified number of days per year.
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.
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.
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.
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.
