Take-out loanA take-out loan is any type of long-term financing commonly used to buy or extract value from real property.
Tangible personal propertyTangible personal property is physical property that can be touched, such as furniture, clothing, and vehicles.
Tax creditA tax credit is an incentive that lets a taxpayer subtract a set amount from their local, state, or federal tax liability.
Tax deductionA tax deduction reduces the amount of income that is subject to taxation by federal and state governments.
Tax DeedA legal document that grants ownership of a property to a government body when the property owner does not pay the taxes due on the(...)
Tax deferralTax deferral is when taxpayers delay paying taxes to some point in the future.
Tax evasionTax evasion occurs when a person or an organization illegally takes purposeful steps to avoid paying a tax liability.
Tax exemptionA tax exemption is the right to exclude all or some income from taxation by federal or states governments.
Tax liabilityTax liability is the total amount of tax owed in a given period, by individuals and organizations, to federal, state, and local governments.
Tax lienA tax lien is a legal claim that a federal, state, or local government places on your property and assets when you fail to pay your taxes.
Tax saleA tax sale is a government sale of property to recover unpaid taxes.
Tax shelterA tax shelter is a method of lowering taxable income for individuals or companies. Although some tax shelters are permitted under U.S.(...)
Tax-sheltered annuityA tax-sheltered annuity (TSA) is a retirement savings plan that allows employees of tax-exempt organizations and self-employed people(...)
Tax tablesEach year, the IRS publishes its revised tax tables and taxpayers determine how much tax they owe.
Taxable incomeTaxable income is the amount of income used to calculate the taxes owed by an individual or a company.
Taxpayer identification number (TIN)A taxpayer identification number (TIN) is used by the Internal Revenue Service (IRS) to process all tax-related documents and tax returns.
Teaser loanTeaser loans are adjustable-rate mortgages, or ARMs, that offer seemingly low introductory interest rates, or what lenders call teaser(...)
Teaser rateA teaser rate, also known as an introductory rate, is a below-market interest rate that lasts for a limited period of time.
Tenancy by the entiretyTenancy by the entirety refers to a form of concurrent estate ownership whereby a married couple jointly owns the entire property.
Tenants in commonTenants in common, also referred to as tenancy in common, is a form of ownership of real property in which two or more people own the(...)
TermA term is a period of time. Generally, it represents a period of time until a loan or any type of deposit or investment achieves maturity.
TimeshareA timeshare is the arrangement whereby several joint owners have the right to use a property as a vacation home under a time-sharing(...)
TitleA title document is evidence and recognition of an individual’s right to ownership of something.
Title AgentA title agency ensures that the property you are purchasing is legally available for the seller to sell. ... Title agencies find(...)
Title insuranceTitle insurance protects buyers of real estate and issuers of mortgage loans from defects or problems with a land title in the(...)
Title searchA title search is the process of going through public records, regarding a piece of property to ensure that the current owner has the(...)
Townhome StyleA townhouse or townhome is a single family home that shares one or more walls with other independently-owned units. They are often(...)
Trading upIn real estate, trading up is a term that describes when a homeowner sells her home in order to buy a house that is bigger, in a(...)
Transfer taxTransfer tax refers to taxes paid when the title to a piece of real property changes hands from one owner to another.
Triple Wide A mobile home consisting of three units joined together to create a large, spacious home.
Trust DeedA trust deed is a deed of conveyance creating and setting out the conditions of a trust.
Truth in Lending ActTruth in Lending. The Truth in Lending Act (TILA) protects you against inaccurate and unfair credit billing and credit card practices.(...)
Tudor StyleTudor homes are characterized by their steeply pitched gable roofs, playfully elaborate masonry chimneys (often with chimney pots),(...)
