| Term | Definition |
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| Tap fees | Most companies charge a tap fee for hooking up utilities.
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| Tax deduction | A tax break given by the government. Mortgage interest, loan points and property taxes can be deducted.
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| Tax lien | An impediment placed against a property, such as back taxes.
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| Tax sale | The public sale of a property by the government for nonpayment of taxes.
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| Tax shelter | A term often applied to real estate investment and refers to various tax advantages.
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| Tear-down condition | A house that requires the entire interior to be rebuilt.
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| Teaser rate | An low, short-term rate offered on a mortgage to entice the borrower.
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| 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.
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| Tenants in common | Two or more owners who share interest in a specific property.
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| 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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