| Term | Definition |
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| Tap fees | Most companies charge a tap fee for hooking up utilities.
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| Tax deduction | A tax break given by the government. Mortgage interest, loan points and property taxes can be deducted.
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| Tax lien | An impediment placed against a property, such as back taxes.
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| Tax sale | The public sale of a property by the government for nonpayment of taxes.
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| Tax shelter | A term often applied to real estate investment and refers to various tax advantages.
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| Tear-down condition | A house that requires the entire interior to be rebuilt.
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| Teaser rate | An low, short-term rate offered on a mortgage to entice the borrower.
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| Tenancy by the entirety | When a married couple owns a home, it is usually considered tenancy by the entirety If the property must be sold to pay the debts of one spouse, both must agree.
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| Tenants in common | Two or more owners who share interest in a specific property.
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| Terrace | A terrace can be several things: an unroofed paved area right next to a house; a roofed balcony; a veranda; or a raised bed of earth constructed to enhance a landscape.
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| The 72-hour clause | When a buyer has a house to sell before they can purchase another home, most sellers insist on a 72-hour clause. In the event of a better offer coming in before the contingency is settled, this clause entitles the seller to give the buyer 72 hours to remove the contingency or lose the house.
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| Third-party origination | In a third-party origination transaction, the lender has another institution originate all or part of a mortgage.
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| Time share | Ownership that involves the acquisition of a specific period of time, or that percentage of interest, in a vacation home or resort.
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| Title | The actual legal document conferring ownership of a piece of real estate.
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| Title company | Firms that ensure that the title to a piece of property is clear and provide title insurance.
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