Take-Out Financing Permanent or long-term financing of individual condominium units for their respective buyers.

Tax Deed A deed for property sold by a government unit for non-payment of taxes.

Tax Sale - A sale of property, usually at auction, for non-payment of assessed taxes.

Tenancy At Sufferance - A tenancy arising when the tenant wrongfully holds over after the expiration of his term. The landlord has the choice of evicting the tenant or accepting him for a similar term and under the conditions of the previous holding.

Tenancy At Will - Possession and occupancy of land terminable at the will of either party.

Tenancy By The Entirety - A tenancy held by husband and wife giving each the equal right to possession and enjoyment during their joint lives, along with the right to sole ownership upon the death of either partner.

Tenancy For Years - Leasing of a property for a fixed period of time.

Tenancy In Common - Ownership by two or more persons who hold undivided interest, without right of survivorship. Upon the death of one tenant, his interest goes to his heirs. Interests need not be equal, and each owner is possessed of the whole of an undivided part.

Tender - To offer; to present.

Tenements - Al] rights in land which pass with a conveyance of the land.

Testament - The written declaration of one’s last will.

Testate - One who dies with a will.

Testator - One who leaves a will in force at his death.

TimeIs Of The Essence - In a contract, a requirement of punctual performance.

Time Sharing A form of multiple ownership in which purchasers buy specific time periods for use of the property represented by tenancy in common interest.

Title - Evidence that an owner of kind is in lawful possession thereof; Ownership.

Title Insurance - A policy of insurance which indemnities the holder for loss sustained by reason of a defect in the title, provided the loss does not result from a defect excluded by the policy provisions.

Topography - The nature of the surface of land:

Torrens System - A system for the registration of land under state law indicating the status of the title, including ownership and encumbrances, without the necessity of additional search of the public records; Land Court.

Tort - A negligent or intentional wrong; a wrongful act; violation of a legal right.

Trade Fixture - Articles of personal property annexed to real property, but which are necessary to the carrying on of a trade and are removable by the owner or tenant when he leaves.

Transact - To conduct business affairs: to carry out, perform or manage.

Transfer Certificate Of Title (TCT) - The Land Court registration document assigned to a property.

Trespass - Wrongful invasion of land by one having no lawful right to enter.

Trust Deed - A deed given by borrower to trustee to he held pending fulfillment of an obligation.

Trustee - One who holds property in trust for another to secure the performance of an obligation.

Truth-In-Lending - A federal law letting borrowers know the exact cost of obtaining credit; a disclosure device.