Take-Out Financing – Permanent or long-term financing of individual condominium units for their respective buyers.

Tax Deed – A deed for property sold by a government unit for non-payment of taxes

Tax Sale – A sale of property, usually at auction, for non-payment of assessed taxes.

Tenancy By The Entirety – A tenancy held by husband and wife giving each the equal right to possession and enjoyment during their joint lives, along with the right to sole ownership upon the death of either partner.

Tenancy for Years – Leasing of a property for a fixed period of time.

Term Life Insurance – Life insurance without cash surrender value or loan value which can be used as collateral for a loan. Term life insurance provides a pre-set amount of coverage if the policyholder dies during the period of time specified in the policy. Policyholders usually have the option to renew at the end of the term for the period of years specified in the policy. Unlike whole life insurance, premiums generally increase as the insured person gets older and the risk of death increases.

Title – Evidence that an owner of land is in lawful possession thereof; Ownership.

Title Insurance – A policy of title insurance which indemnifies the holder for loss sustained by reason of a defect in the title provided the loss does not result from a defect excluded by the policy provisions.

Trade Fixture – Articles of personal property annexed to real property, but which are necessary to the carrying on of a trade and are removable by the owner or tenant when he leaves.

Transfer Certificate of Title (TCT) – The Land Court registration document assigned to a property.

Trust Deed – A deed given by borrower to trustee to be held pending fulfillment of an obligation.

Trustee – One who holds property in trust for another to secure the performance of an obligation.

Truth-In-Lending – A federal law letting borrowers know the exact cost of obtaining credit; a disclosure device.