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Tax Credit 
An amount of money that a taxpayer is able to subtract from the amount of tax that they owe to the government. The value of a tax credit depends on what the credit is being provided for, and certain types of tax credits are granted to individuals or businesses in specific locations, classifications or industries.

Tax Deduction
A deduction from gross income that arises due to various types of expenses incurred by a taxpayer. Tax deductions are removed from taxable income and thus lower the individual’s overall tax liability.

Tax Rate
A rate that represents the percentage of assessed value at which a property is taxed in a particular municipality.  Also see Mill Rate.

TDS Ratio (see Total Debt Service Ratio)

Tenancy Agreement
A written agreement between an owner (landlord) and a tenant under which the owner allows the tenant the right of exclusive use of the property for a specified time, rent and terms. Also see Landlord and Tenant.

A person or organization that contracts with a landlord to occupy a specific space for a defined period of time according to the terms of a lease. Also see Landlord and Lease Agreement.

Tenants in Common
A form of ownership of land/property that involves two or more land owners with no right of survivorship by any owner. Therefore, each owner may will his or her share of the land/property to another party.

A contractual detail that represents points of agreement between the contracting parties (e.g. inclusions, exclusions, date contract takes effect, length of the contract).

Terms of Trust 
The written requirements that govern how money in a brokerage trust account is to be received, held and disbursed as agreed to by the parties to the transaction.

Third Party
A party that is legally affected by a real estate or mortgage transaction but not directly involved in it.

Time Share
A form of property ownership in which multiple parties hold similar rights and each party is allotted a time period during which they may have exclusive use of the property. These properties may be either purchased, whereby the use of the property lasts until the interest is sold, or leased, whereby the use of the property only lasts for a certain number of years.

A document that records the information about the land, such as the legal land description, municipal jurisdiction, ownership and registered interests. The Land Titles Office no longer issues a paper Certificate of Title, but a paper copy may be available from any Registry Agent in Alberta. An electronic copy is available on the Spatial Information System (SPIN) operated by Alberta Registries, Service Alberta. Also see SPIN.

Title Insurance
A contractual arrangement that indemnifies the insured against loss or damage resulting from title defects, some non-title issues relating to the ownership of real property, or the enforcement of liens that exist against it. Different title insurance policies exist for lenders and property owners. Title insurance is more common in residential real estate, although commercial policies are also available.

Title Number
A unique number assigned to a Certificate of Title at the time a property is registered by Alberta Land Titles. Also see Certificate of Title.

Title Search
A review if all registered encumbrances relating to a specific parcel of land to determine the present condition of title.

Titled Parking Stall
A parking stall that has its own Certificate of Title and therefore is a unit onto itself. Titled parking stalls are held in fee simple ownership by the individual who is registered on the title. These parking stalls are depicted on the Condominium Plan using solid, bolded lines.

Titled Storage Area
A storage area that has its own Certificate of Title and therefore is a unit onto itself. Titled storage areas are held in fee simple ownership by the individual who is registered on the title. These storage areas are depicted on the Condominium Plan using solid, bolded lines.

Torrens System
A system for recording land title transactions and interests in land, as prescribed in the Land Titles Act. It 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 by facilitating land transactions and providing security of title, thus eliminating time-consuming and costly searches for an accurate chain of title for each transaction.

Total Debt Service Ratio
A measure used by lenders to assess a borrower’s ability to carry the debt load for a mortgage.  The TDS ratio is calculated as a percentage of the borrower’s gross annual income relative to his or her total debt payments (GDS payments plus any other debts). Also see Gross Debt Service Ratio.

Townhouse Condominium
A style of residential condominium consisting of multi-story units attached on 1-3 sides. Each unit typically has its own private entrance.

Trade (see Trading)

Describes the activities relating to the provision of services for buying, selling, leasing or managing real estate (including but not limited to advertising, solicitation and negotiation).  In order to trade in real estate, individuals require an authorization from RECA, unless they are exempt pursuant to the Real Estate Act or the Real Estate Act Exemption Regulation.  

Transaction Brokerage
A means to resolve a conflict of interest that occurs in transactions when a brokerage practising agency under the common law or a real estate professional in designated agency represents clients with opposing interests in the same transaction.

Transaction Facilitator
A real estate professional who has been engaged by the clients under a transaction brokerage agreement to provide facilitation services to clients in the same trade. 

Transfer of Land
The process of transferring an interest in land from one owner to another owner.

Transfer of Mortgage
The process of transferring a mortgage from the current lender to another lender. Also see Mortgage.

Trust Account
An account separate and apart from one’s personal monies, as required by law.  In the real estate and mortgage brokerage industry, trust accounts are subject to Practice Reviews that are conducted by Trust Assurance and Practice Review Officers of RECA.

Trust Assurance and Practice Review
A review and examination of a brokerage’s system records and activities to ensure compliance with statutory obligations under the Real Estate Act and to recommend any needed changes in control, policy, and procedures.

Trust Assurance and Practice Review Officer 
The person who is responsible for carrying out the duties of RECA’s Trust Assurance and Practice Review process according to the legislative requirements of the Real Estate Act.

Trust Fund
Money held in an account by one individual or company on behalf of another individual or company.

A person who has been appointed by way of a legal agreement to hold assets such as cash, investments or real property for the benefit of one or more persons.

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