Tax-Exempt PropertyAny property which is not taxed.
TBDTo Be Determined
TenancyThe right to occupy a building or unit.
Tenancy In CommonA form of holding title, whereby there are two or more people on title to a property, ownership does not pass on to the others upon the death of one individual.
Third Party OriginationWhen a lender uses a third party to originate and package loans for sale to the secondary market (Fannie Mae, Freddie Mac).
TICTenants In Common
TitleA specific document which serves as proof of ownership.
Title CompanyAn organization which researches and certifies ownership of real estate before it is bought or sold. Title companies also act at the facilitator ensures all parties are paid during the real estate transaction.
Title InsuranceA policy which insures a property owner should a prior claim arise against the property after the purchase has been completed. This also covers a lender should a question of ownership arise.
Title SearchThe process whereby the title company researches a property's title history and ensures that no outstanding claims exist.
TLCTender Loving Care
Transfer of OwnershipAny means by which the ownership of a property changes hands.
Transfer of TaxTaxes payable when title passes from one owner to another.
TrapA bend in water pipe.
TrusteeA party who is given legal responsibility to hold and administer property for the benefit of another (the beneficiary). Trustee's are obligated to act in the best interest of the beneficiary.
Truth In LendingA federal law requiring full disclosure by lenders to borrowers of all terms, conditions and costs of a mortgage.
TudorA style of architecture typified by exposed stone, wood and brick construction. Similar in style to English manor homes.
Turn-Key PropertyTurn-Key Property has many definitions:
1. A property that is ready to move into. (in sales or rentals)
2. A property that is already rented and is sold with a renter in place. (in investment property)
3. A business property that has all the items needed to run that business included. IE; furniture, tools, equipment, etc. (in commercial real estate).