Homeowner Glossary

• Take-Out LoanA Take-Out Loan is a form of long term financing used to replace short term or interim funding once a project reaches a defined stage(...)
• Tangible Personal PropertyTangible Personal Property refers to physical items that can be seen, touched, and moved, and that are not permanently attached to(...)
• Tax Credit A Tax Credit is a provision within tax law that directly reduces the amount of tax owed rather than reducing taxable income.(...)
• Tax Deduction A Tax Deduction is an allowable expense or adjustment that reduces the amount of income subject to taxation. Rather than(...)
• Tax DeedA Tax Deed is a legal instrument issued by a government authority that conveys ownership of real property to a new party after unpaid(...)
• Tax DeferralTax Deferral is a tax treatment that allows income, gains, or obligations to be postponed to a later period rather than being taxed in(...)
• Tax Evasion Tax Evasion refers to the illegal act of deliberately concealing, misrepresenting, or falsifying information to reduce or(...)
• Tax Exemption A Tax Exemption is a legal provision that removes certain income, property, transactions, or entities from taxation under(...)
• Tax LiabilityTax Liability refers to the amount of tax that an individual or entity is legally obligated to pay to a taxing authority based on(...)
• Tax Lien A Tax Lien is a legal claim placed by a taxing authority against a property or other assets when taxes remain unpaid. This(...)
• Tax Sale A Tax Sale is a legal process through which a government authority sells a property, or an interest in that property, due to(...)
• Tax ShelterA Tax Shelter is a legal strategy or arrangement used to reduce, defer, or eliminate taxable income through deductions, exclusions,(...)
• Tax-Sheltered Annuity A Tax-Sheltered Annuity is a retirement savings arrangement that allows eligible participants to defer taxation on(...)
• Tax Tables Tax Tables are reference charts published by taxing authorities that are used to determine the amount of tax owed based on(...)
• Taxable IncomeTaxable Income is the portion of income that is subject to taxation after allowable exclusions, adjustments, and deductions are(...)
• Taxpayer Identification Number (TIN)A Taxpayer Identification Number (TIN) is an identifying designation used by government authorities to track tax related reporting,(...)
• Teaser Loan A Teaser Loan is a type of financing arrangement that begins with a temporarily reduced interest rate designed to make the(...)
• Teaser Rate A Teaser Rate is a temporarily reduced interest rate offered at the beginning of a loan or credit agreement to make the(...)
• Temporary Housing Expenses Temporary Housing Expenses refer to costs incurred by a residential property owner when a home cannot be occupied due to damage or(...)
• Tenancy By The EntiretyTenancy By The Entirety is a form of property ownership available to married couples and, in some jurisdictions, legally recognized(...)
• Tenants In Common Tenants In Common is a form of property ownership in which two or more parties hold undivided interests in the same real(...)
• TermA Term is a defined word or phrase used to convey a specific meaning within a legal, financial, or real estate context. Rather than(...)
• TimeshareA Timeshare is a form of shared property ownership or usage arrangement in which multiple parties hold rights to occupy or use a(...)
• TitleTitle refers to the legal concept that establishes ownership rights in real property. A Title represents the lawful interest an owner(...)
• Title AgentA Title Agent is a licensed professional who facilitates real estate transactions by coordinating title related services, ensuring(...)
• Title Fraud Title fraud is a form of real estate fraud in which a criminal illegally alters, manipulates, or exploits property ownership records(...)
• Title Insurance Title Insurance is a form of protection that safeguards property owners and lenders against losses arising from defects,(...)
• Title Search A Title Search is the process of examining public land records to determine the legal ownership of real property and to(...)
• Title Theft Title theft is a form of real estate fraud in which a criminal unlawfully transfers ownership of a property by manipulating, forging,(...)
• Townhome StyleTownhome Style refers to a residential architectural and housing format characterized by attached dwellings that share one or more(...)
• Trading UpTrading Up is a real estate term used to describe the process of selling a current home in order to purchase a larger, higher value,(...)
• Transfer TaxA Transfer Tax is a government imposed charge assessed when ownership of real property changes hands. It is tied to the act of(...)
• Triple WideA Triple Wide is a type of factory built home constructed in three separate sections that are transported to a homesite and assembled(...)
• Trust DeedA Trust Deed is a legal instrument used in real estate financing to secure a loan by placing an interest in real property with a(...)
• Truth in Lending ActThe Truth in Lending Act is a federal consumer protection law designed to promote transparency and fairness in lending by requiring(...)
• Tudor StyleTudor Style refers to a distinctive architectural approach inspired by medieval English building traditions, adapted and popularized(...)