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Real Estate Terms - T

Agreement by a lender to have available a long-term loan over a specified time once construction is completed.

The assessed value multiplied by the tax rate to determine the amount of tax due.

A sale of property, usually at auction, for nonpayment of taxes assessed against it.

Ownership by two or more persons who hold an undivided interest without right of survivorship.

The holder of real property under a rental agreement. Also referred to as a lessee.

An offer of money, usually in satisfaction of a claim or demand