T

Tax Lien
A debt attached to the property for failing to pay taxes

Teaser Rate
Contract interest rate charged on an adjustable rate mortgage for the initial adjustment interval that is significantly lower than the fully indexed rate at the time

Terms
Conditions and arrangements specified within a contract

Title
Evidence of ownership, evidence of lawful possession

Title Defect
An unresolved claim against the ownership of property, prevents seller from providing buyer clear title to the property

Title Insurance
An insurance policy that protects the holder from loss sustained by defects in the title

Title Search
An examination of the public records to determine the ownership and encumbrances affecting real property

Title Theory State
The system in which the lender has legal title to the mortgaged property and the borrower has equitable title. Contrast with lien theory state.

Transactional Funding
Short term financing or a bridge loan you use to buy a property. Investor arranges for a short-term loan to fund the purchase and then resells the property to earn the profit margin, using the proceeds to repay the loan. Generally done within 45 days and issued in the name of a business entity. Generally less expensive than traditional hard money loans and costs of borrowing are assessed by paying points and processing fees.

Triple Net Lease
Lease in which the tenant is to pay all operating expenses of the property so that the landlord receives net rent, frequently used to mean tenant pays taxes, insurance, and maintenance in addition to normal operating expenses

Trust
An arrangement whereby property is transferred to a trusted third party trustee by a grantor/trustor, trustee holds the property for the benefit of the beneficiary

Trust Deed
Conveyance of real estate to a third party to be held for the benefit of another, commonly used in some states in place of mortgages that conditionally convey title to the lender, same as Deed of Trust

Trustee
One who holds property in trust for another to secure performance of an obligation, the neutral party in a trust deed transaction.