|Tax sale |
A court-ordered sale of real property to raise money to cover delinquent taxes.
|Tax shelter |
A realty investment that produces income-tax deductions for its owner.
|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.
|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.
Part ownership of a property coupled with a right to exclusive use of it for a specified number of days per year.
Actual ownership; the right of possession; also the evidence of ownership such as a deed or bill of sale.
|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 report |
A statement of the current condition of title for a parcel of land.
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.
Usually a two- or three-story dwelling with shared walls, or a living unit operating under the condominium or townhouse form of ownership.
|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.
One who as agent for others handles money or holds title to their land.
|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.
|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.