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Real Estate / Mortgage Glossary : T
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Takeout Mortgage Loan
A long term mortgage loan that is advanced to borrower on completion of construction or in compliance with any other conditions in the loan commitment. The funds are normally used to pay off or take out the construction lender.
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Tangible Personal Property
Assets other than real estate that physically exist. Business equipment and vehicles are tangible personal property. Assets such as stock certificates and franchises only represent value and are therefore intangible property.
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Tax Deduction
An expense that governments allow you to subtract from your income before computing your income tax.
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Tax Deferral
The postponement of taxes to a later year, usually by recognizing income or a gain at a later time. Remember, this only delays your tax liability; it doesn't eliminate it.
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Tax Exempt
Income that is not subject to tax. Income exempt from federal tax may, however, be subject to provincial taxation.
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Tax Liability
The total amount of tax you owe.
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Tax Lien
A claim, or obstacle, to the sale of property because of unpaid taxes. The property's title can't be transferred until liens are paid.
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Tax Sale
A government sale of property to recover unpaid taxes.
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Tax-sheltered
A tax shelter is a savings/investment plan which offers significant tax savings.
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Taxable Income
Adjusted gross income less itemized or standard deductions, less personal and dependent exemption amounts.
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Tear-down Condition
A house that is bought so it can be razed to make room for a newer house; usually located in a spectacular setting.
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Teaser Rate
Often called the introductory rate, it is the below-market interest rate offered to entice customers to switch credit cards or lenders.
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