Glossary of terms used on this site
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| Term | Definition |
|---|---|
| Tax Credit |
An allowed reduction in tax liability.
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| Tax Lien |
A claim imposed by the federal government to liquidate a person's property until the tax and debt owed is fully paid.
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| Tenant |
A person who pays rent for the right to use property that is owned by someone else.
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| Tenant Improvements |
Work done on the interior of a space can be paid for by landlord, tenant, or some combination of both, depending on the terms of the lease.
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| Timeshare |
A property that is purchased or leased for different intervals of time throughout the year.
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| Title |
Evidence of ownership.
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| Title Company |
A firm that verifies ownership of real property, often done in connection with a conveyance of real property from buyer to seller.
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| Title Insurance |
Insurance that protects the lender against any claims that arise from arguments about ownership of the property; also available for homebuyers.
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| Topography |
The description of surface features for an area of land. Example: hilly, mountainous, gently rolling and level.
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| Trade Fixtures |
Articles installed by a tenant under terms of a lease and removable by the tenant before the lease expire.
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| Trust Deed |
An instrument that conveys title to the trustee which holds it in security often for an obligation such as a mortgage or promissory note.
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| Truth In Lending Act |
A law requiring lenders to disclose the terms of their credit offers accurately so that consumers are not misled and are able to compare the various credit terms available. The Truth in Lending Act requires lenders to disclose the terms and costs of all loan plans.
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| Turnkey |
A product or service which can be implemented or utilized with no additional work required by the buyer.
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