| Term | Definition |
|---|
| 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. |
| title company | A company that provides title insurance policies. Sometimes title companies also act as escrow agents, conduct title searches and hold closings. |
| title insurance | Protection for lenders or homeowners against financial loss resulting from legal defects in the title. |
| title search | Checks all the records relating to the property to determine whether the seller can sell the property, and can do so free of liens. |
| torrens system | A system of land registration in which clear title is established with a governmental authority, which issues title certificates to owners. |
| townhouse | A dwelling unit usually with two,three or four floors, and shared structural walls. It can be individually owned, a condominium, a cooperative, a planned unit development or a rental property. |
| transaction fee | A fee which may be charged each time you draw on a home equity credit line. |
| triple net lease | See net lease. |
