Tax:
A contribution for the support of a local, state or federal government required of persons, groups or businesses within the domain of that government.

Tax Certificates:
Statements provided by a taxing authority showing that current taxes are paid.

Terms:
Specific conditions associated with an agreement between parties. Mortgage terms deal with payment amounts, payment intervals, length of the loan, how the loan is amortized and more. Real estate contract terms deal with down payment, loan amount, total sales price and other conditions of the sale.

Terms of Use Agreement:
Upon registration, clients agree to the Terms of Use, which state their agreement to use this website.

Time Theory of Value:
Pricing theory that says that the amount of time it takes to sell a property is directly proportionate to the price.

Title:
A legal document that provides evidence of a person's right to or ownership of a property.

Title Company:
A company that examines and insures titles to real estate.

Title Insurance:
A policy that protects the lender (lender's policy) or the buyer (owner's policy) against loss arising from disputes over ownership of real property.

Title Search or Examination:
A check of title records to ensure that the seller is the legal owner of the property and that there are no liens or other claims outstanding.

Town House:
A dwelling unit with two or more floors that is attached to other walls. Typically, an inner-city dwelling.

Transfer and Recordation Taxes:
Taxes charged when title passes from seller to buyer.

Transfer Tax Stamps:
Taxes charged when title passes from the seller to the buyer usually levied by the state and the county.

Trim Stage:
Building stage characterized by the installation of any remaining items in the home.

Truss:
Triangular form that is used in a series to support the roof.

Trustee:
A fiduciary that controls or holds real property for the benefit of another.

Truth in Lending Act:
Law specified in Title 1 of the Consumer Protection Act requiring a lender to disclose to a buyer in writing the true cost of credit.

Definitions are intended to be informational only. Please be advised that real estate practices vary from state to state and market to market. The information contained herein does not constitute legal advice. It is recommended that you consult with a qualified real estate attorney who can advise you specifically with respect to the requirements in your market.