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Real Estate Glossary of Terms
Looking for the definition of a real estate
term? Click on a letter of the alphabet below to go to that letter's
corresponding page of terms.
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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 trustor, 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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