Most companies charge a tap fee for hooking up utilities.
Tax deduction
A tax break given by the government. Mortgage interest, loan points and property taxes can be deducted.
Tax lien
An impediment placed against a property, such as back taxes.
Tax sale
The public sale of a property by the government for nonpayment of taxes.
Tax shelter
A term often applied to real estate investment and refers to various tax advantages.
Tear-down condition
A house that requires the entire interior to be rebuilt.
Teaser rate
An low, short-term rate offered on a mortgage to entice the borrower.
Tenancy by the entirety
When a married couple owns a home, it is usually considered tenancy by the entirety If the property must be sold to pay the debts of one spouse, both must agree.
Tenants in common
Two or more owners who share interest in a specific property.
Terrace
A terrace can be several things: an unroofed paved area right next to a house; a roofed balcony; a veranda; or a raised bed of earth constructed to enhance a landscape.
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