| Tax sale | A sale of real property ordered by the court in order to raise money to cover delinquent taxes |
| Tenancy in common | A version of joint tenancy of a property, but without any right of succession by survivorship among the owners |
| Testate | To die having prepared and left a valid will |
| Testator | The individual who makes out a last will and testament |
| Time is of the essence | A condition in a contract requiring the completion of a certain act within a designated period of time |
| Time-share | A form of ownership interest which allows use of the property only for a fixed or variable period of time |
| Title | A legal document that evidences a person’s ownership of and right to possess a property |
| Title insurance | Insurance that protects the owner or mortgagee against loss arising from disputes over or defects in the title to a parcel of real estate that arise after ownership has been transferred |
| Title search | Research into public title records to determine the current status of ownership of a piece of property; a licensed attorney must provide any legal interpretation of the records found |
| Torrens Title | Now a dated system (only used in a few US states) whereby the court issues a certificate establishing the extent of an individual’s estate, including any exceptions noted |
| Township | A division of land that is six miles square, containing 36 square-mile sections |
| Tract | A specific parcel of land |
| Transfer of ownership | Any circumstance in which the ownership of a property changes hands, e.g., via outright, titled purchase, or the assumption of an existing on a property, or possession of the property via a land sales trust, even any transfer of a beneficial interest in the trust |
| Transfer tax | State or local taxes imposed on a transfer of ownership of real property |
| Trust | A right to a piece of property that is held for the benefit of another |
| Trust deed, or a Deed of trust | A written document that grants the trustee the title to a piece of property for the benefit of another, and which gives the trustee the power to sell, mortgage or subdivide the property |
| Trustee | A party who holds property for the benefit of another |
| Trustee’s deed | A deed conveying land ownership executed by the trustee who holds the land in trust |
| Trustor | The borrower in a trust loan transaction |
| Truth-in-Lending | A federal law that requires disclosure by a credit institution or lender of the terms and conditions of a loan or mortgage, including the annual percentage rate and any other charges, to the borrower when they apply for the loan. Also see Regulation Z |
| Two-step mortgage | An adjustable-rate mortgage that charges a below-market interest rate for a designated number of years (usually 5 or 7) after which the interest rate is adjusted to the current market conditions |
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