Key Real Estate Terms T | Myers & Myers Real Estate

Definitions Of Key Real Estate Terms T

This article provides the definitions of key estate terms beginning with the letter T.

Take Off

is the estimation of materials needed to construct a building.

Taking

is a concept that comes from the takings clause in the 5^th amendment to the US Constitution and means that when land is taken for public use through the government’s power of eminent domain.

Taxation

is the process by which a government raises money to fund its operation.

Tax Certificate

is the document issued to a person as receipt for paying the delinquent property taxes on property owned by another and entitles the person paying the taxes to receive a deed to the property if the property is not redeemed within a specific time frame.

Tax Credit

is an amount the government allows a direct reduction in taxes owed.

Tax Deed

is a written instrument that provides proof of ownership of real property purchased from the government at a tax sale, conducted after the property has been taken from its owner by the government and sold for delinquent taxes.

Tax Lien

is a lien imposed by law upon a property to secure the payment of taxes. A tax lien may be imposed for delinquent taxes owed on real property, or as a result of failure to pay taxes.

Tax Sale

is the sale by the government of an asset after a period of nonpayment of  taxes by its owner.

Tenancy at Sufferance

is a tenancy that exists when a tenant holds over after the expiration of a lease without the landlord’s consent.

Tenancy at Will

is a tenancy in which a person holds or occupies real property with the permission of the owner for a term of unspecified duration.

Tenancy By The Entirety

is the joint ownership of property acquired by husband and wife during marriage.

Tenancy for Years

is a tenancy in which the property is leased for a definite fixed period of time, such as one year.

Tenancy in Common

is a type of  ownership of  property without the right of survivorship; each tenant’s portion of ownership is distributable under a valid will.

Tenancy in Severalty

is ownership of property vested in one person alone.

Tenant

is a person or entity that pays rent to use or occupy land, a building, or other property owned by another.

Tenant Improvements

are improvements or changes made to the property for a new tenant to make the space suitable for their needs.

Tenant’s Insurance

is insurance that protects the personal belongings of a tenant.

Term

is the length of time.

Testate

means one who has made and left a valid will.

Testator

is a person who has written and executed a last will and testament that is in effect at the time of their death.

Time Is Of The Essence

is a term in contract law which indicates that the parties to the agreement must perform by the time to which the parties have agreed.

Time Share

is a type of ownership interest that allows jointly owned or leased by multiple people who are allowed to use it only during specified periods each year.

Time Value of Money

is an economic concept that value of a dollar today is more than a dollar received in the future.

Title

is a written document that is evidence of ownership of real property.

Title Insurance

is an insurance policy that protects a lender or home buyer (depending on the type of title insurance, either mortgagee’s title insurance for the lender or owner’s title insurance for the home buyer) against any loss resulting from a title error or dispute.  Title insurance is paid on a one time basis at closing.

Title Search

is research on a property title usually conducted by a title company to determine if there exist any outstanding liens against the property prior to a sales transaction.

Title Theory States

are state in which the law considers the mortgagee to have legal title to the mortgaged property and the mortgagor to have equitable title.

Town House

is a residential dwelling that is connected to one or more dwellings by a common wall.

Township

is the principal unit of the government survey system and is square with six mile dimensions on each side with a total area of 36 square miles.

Trade Fixture

is an article installed by a tenant under the terms of a lease and is removable by the tenant before the lease expires.

Transaction Broker

is where the salesperson doesn’t represent either party, but handles the transaction only.

Treble Damages

are damaged provided by statute in certain cases in which the actual damages may be tripled.

Triple Net Lease

is a lease where in addition to the stipulate rent, the lessee assumes payment of all expenses associated with the operation of the property.

Truth-In-Lending-Act

is a federal law designed to protect borrowers and to give them enough information to comparison shop for loans. Truth In Lending Act requires certain disclosures about the loan and when they must be given to the borrower.

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Definitions Of Key Real Estate Key Terms T