Tangible Personal Property
Tax Bracket
Tax Deduction
Tax Deferral
Tax Lien
Tax Sale
Taxable Income
Tear-Down Condition
Teaser Rate
Tenancy by the Entirety
Tenants-in-Common
Term
Timeshare
Title
Title Company
Title Defect
Title Insurance
Trade Equity
Tradeline
Trading Down
Trading Up
Transaction Date
Transfer Tax
TransUnion
Trust
Trustee
Truth-in-Lending Act

Tangible Personal Property
Assets that physically exist not including real estate.

Tax Bracket
A certain leve of an individual's income determined by the government.

Tax Deduction
An amount that the IRS allows an individual to subtract from their income before calculating the tax due.

Tax Deferral
Postponement of taxes to a later time in the year.

Tax Lien
A lien or claim against a property due to unpaid taxes.

Tax Sale
A government sale of property in order to pay unpaid taxes.

Taxable Income
Gross income with adjustments and deductions subtracted. This is used to calculate the amount of tax owed.

Tear-Down Condition
A house or property purchased so that it can be bulldozed and a new property or home can be reconstructed.

Teaser Rate
(aka introductory rate) A lower interest rate offered to borrowers to entice them to accept a loan or credit card.

Tenancy by the Entirety
Ownership by spouses. Each individual owns an undivided interest in the entire property.

Tenants-in-Common
Ownership by two or more individuals where each individual owns an undivided, equal interest in the subject property. With this type of title ownership, an individual's interest can be transferred or willed to another.

Term
The amount of time until the maturity of a loan.

Timeshare
A form of ownership where there are multiple owners of one living unit. Each owner is given a certain amount of time during the calendar year to enjoy the benefits of using the property.

Title
Ownership of real property. No one else may claim ownership of that property.

Title Company
A company that checks a property's title for liens in order to ensure clean transfer of title to a new owner.

Title Defect
A legal claim against a property.

Title Insurance
A policy guaranteeing that an owner has properly gained title of a property and that no other individual can return claiming title in the future.

Trade Equity
In real estate this refers to a swap or trade of property as part of a down payment in order to purchase another property.

Tradeline
An account listed on an individual's credit report. Lenders require a certain amount of traditional tradelines including: credit cards, loans, mortgages. Subprime lenders accept nontraditional tradelines including: cell phone bills and cable bills.

Trading Down
Selling a more expensive home to purchase a less expensive home.

Trading Up
Selling a less expensive home to purchase a more expensive home.

Transaction Date
The date goods or services were purchased or done.

Transfer Tax
A levy charged by the state or local government entity on the transfer of ownership of real estate.

TransUnion
One of the three major credit bureaus. The other two include Equifax and Experian.

Trust
A fund established similarly to a will specifiying how assets and funds will be distributed. It also lists beneficiaries and recipients.

Trustee
A person holding assets for the benefit of beneficiaries.

Truth-in-Lending Act
A federal law requiring lenders to provide certain information disclosures to borrowers.