|
| Take-Out
Financing |
Long-term permanent financing. |
| Tax Lien |
A general statutory lien imposed against real
property for failure to pay taxes. There are federal tax liens and
state tax liens. |
| Tax Shelter |
A phrase often used to describe some of the tax
advantages of real estate investment, such as deductions for
depreciation, interest, taxes, etc., which may offset the investor's
other ordinary income to reduce the investor's overall tax
payment. |
| Tenancy At
Sufferance |
A tenancy which exists when a tenant wrongfully
holds over after the expiration of a lease, without the landlord's
consent, as where the tenant fails to surrender possession after
termination of the lease. |
| Tenancy At Will |
A tenancy in which a person is in possession of
real estate with the permission of the owner, for a term of
unspecified or uncertain duration, as when an owner permits a tenant
to occupy a property until it is sold. |
| Tenancy By The
Entirety |
A special joint tenancy between a lawfully
married husband and wife, which places all title to the property
into the marital unit, with both spouses having an equal, undivided
interest in the whole property. |
| Tenancy For Years |
A less-than-freehold estate in which the
property is leased for a definite, fixed period of time, be it for
60 days or any fraction of a year, a year, ten years, etc. |
| Tenancy In Common |
A form of concurrent ownership of property
between two or more persons, in which each has an undivided interest
in the whole property; frequently found when the parties acquire
title by descent or by will. |
| Tenancy In
Severalty |
Ownership of property vested in one person
alone, and not held jointly with another; also called Several
Tenancy or Sole Tenancy. |
| Tenant |
In general, one who holds or possesses property,
such as a life tenant or a tenant for years; commonly used to refer
to a lessee under a lease. |
| Time Is Of The
Essence |
The clause in a contract which emphasizes that
punctual performance is an essential requirement of the contract.
|
| Time Sharing |
A modern approach to communal ownership and use
of real estate which permits multiple purchasers to buy undivided
interests in real property (which is usually in a resort condominium
or hotel) with a right to use the facility for a fixed or variable
time period. |
| Title Insurance |
A comprehensive contract of indemnity under
which the title company agrees to reimburse the insured for any loss
if title is not as represented in the policy. |
| Title Search |
An examination of the public records to
determine what, if any, defects there are in the chain of title.
|
| Townhouse |
A type of dwelling unit normally having two
floors, with the living area and kitchen on the base floor and the
bedrooms located on the second floor. |
| Township |
A piece of property, used in the government
survey system of land description, which is 6 miles square, and
contains36 sections, each 1 mile square; and consists of 23,040
acres. |
| Trade Fixtures |
Articles of personal property annexed to leased
premises by the tenant, as a necessary part of the tenant's trade or
business. |
| Triple Net Lease |
A net, net, net lease, where in addition to the
stipulated rent, the lessee assumes payment of all expenses
associated with the operation of the property. |
| Trust Deed |
A real property security device (also called a
deed of trust) very similar to a mortgage, except that there are
three parties, the trust or, the trustee, and the beneficiary (the
lender). |
| Trust Fund
Account |
An account set up by a broker at a bank or other
recognized depository, into which the broker deposits all funds
entrusted to him by his principal or others. |
| Turnkey Project |
A development term meaning the complete
construction package from ground breaking to the completion of the
building. All that is left undone is to turn over the keys to the
buyer. |
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Warren Pumyea
Keller
Williams Realty
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