| Term | Definition |
|---|
| 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. |
| 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. |
