Tax Credit:
An amount of money that a taxpayer is able to subtract from the amount of tax that they owe to the government.

Tax Shelter:
In investment property, any financial arrangement that results in the reduction or elimination of taxes due.

TDS Ratio (Total Debt Service Ratio):
The percentage of annual gross income that is required to cover mortgage principal payments, mortgage interest payments, property taxes, and heat payments, plus monthly payments of any other debt the borrower holds. If the property is a condominium, condo fees will also be included into this ratio.

Term:
In mortgage, the length of time during which the actual life of a mortgage contract exists (usually from six months to ten years) at the end of which the mortgage becomes due and payable unless the lender renews the mortgage for another term (see also Amortization). A mortgage may also be amortized over a long period (such as 25 years).

Title:
A lawful evidence of ownership.

Title Defect:
Any encumbrance or claim that affects title to real property.

Title Search:
An inspection of records contained within the public land registration office to determine the current state of title to a property including a review of all interests such as liens, encumbrances, mortgages or any other interests that affect that title.

Topography:
Surface features of land, such as elevation, contour, ridges and slope.

Torrens System:
A system for recording land title transactions and interests in land, indicating the state of the title, including ownership and encumbrances, without the necessity of an additional search of prior public records. This method includes three supporting principles: the current title accurately reflects the facts about the property (i.e. Mirror Principle); the current title has all the information about the property (i.e. Current Principle); and the provincial government guarantees the accuracy of the title (i.e. Insurance Principle). This system improved on previous land title systems but some provincial land registration statutes, while following the general premises set out in the Torens System, do have exceptions and limitations to the concept of indefeasibility. Also methods of land registration will differ both in terms of procedures and forms used in individual provinces.