| Term | Definition |
|---|
| taking | See eminent domain. |
| tenancy by the entirety | A special kind of property ownership that's only for married couples. Both spouses have the right to enjoy the entire property, and when one spouse dies, the surviving spouse gets title to the property (called a right of survivorship). It is similar to joint tenancy, but it is available in only about half the states. |
| tenancy in common | A type of ownership in which two or more people have an undivided interest in property, without the right of survivorship. Upon death of one of the owners, his/her interest passes to his/her heirs or devises. Contrast with joint tenancy. |
| tenant | Anyone, including a corporation, who rents real property, with or without a house or structure, from the owner (called the landlord). The tenant may also be called the "lessee." |
| tenants in common | See tenancy in common. |
| tenement | Everything that may be occupied under a lease by a tenant. |
| term | The actual life of a mortgage, at the end of which the mortgage becomes due and payable unless the lender renews the mortgage. |
| time is of the essence | A clause, which if included in a contract, makes failure to perform by a specified date a material breach or violation of the contract. |
| timeshare | An arrangement under which a purchaser receives an interest in real property and the right to use an accommodation or amenities, or both, for a specified period and on a recurring basis. Used primarily for selling vacation properties. |
| title | The right of ownership of a property. |
