T

Tax Lien: A lien for unpaid taxes or outstanding delinquent property given by the IRS.

Teaser Rate: A low initial rate given by lenders to entice borrowers to choose their loan programs. The teaser rate usually only lasts for a short period of time and then is adjusted.

Tenancy in Common: A form of holding title with two or more persons where each owns the property with no right of survivorship.

Term: The length of time the loan lasts.

Title: A document giving evidence of an individual's ownership of a property.

Title Insurance: An insurance policy that protects against certain losses or damage as a result of defect in title ownership to a particular piece of property.

Title Search: A investigation of all publicly recorded documents to determine the legal ownership and present claims on a specific property. 

Triple Net Lease: A lease in which the tenant pays for all of the operating expenses of the property. This type of lease is very popular for landlords of income producing properties.

Trust Deed: An instrument used in place of a mortgage in many states to secure the property as collateral in a loan.

Truth in Lending Act: A federal law requiring the full disclosure of the loan amount, APR, and other finance charges to the borrowers.