|
Home
> States > T |
| |
Real Estate Dictionary
|
| |
|
|A|B|C|D|E|F|G|H|I|J|K|L|M|N|O|P|Q|R|S|T|U|V|W|Y|Z| |
| |
| TAKEOUT COMMITMENT - Agreement by a
lender to place a long term (take out) loan on real property after
completion of construction. |
| TAKEOUT LOAN - Loan in which the lender
provides long term financing upon completion of construction. |
| TANGIBLE PROPERTY - see Corporeal
Property. |
| TANGIBLE VALUE - Value in appraisal of
the physical value (land, buildings, etc.) as opposed to the value of an
intangible such as a favorable lease. |
| TAX BASE - The assessed valuation of
real property, which is multiplied by the tax rate to determine the amount
of tax due. |
| TAX DEED - 1) Deed from tax collector to
governmental body after a period of non-payment of taxes according to
state statute. 2) Deed to purchase at a public sale of land taken for delinquent
taxes. The buyer receive equal title to what the former owner held and
strict procedures must be followed to prevent attachment of prior liens. |
| TAX DISTRICT - An area over which a
governmental body has authority to levy property taxes; may one or more assessment
districts. |
| TAXES - A mandatory contribution of
money to meet the expenses of a governmental body, whether federal, state,
or local. |
| TAX EXEMPTION - Freedom from payment of
property or other taxes granted to religious, educational, and similar tax
exempt organizations. Some states and taxing authorities offer partial
exemptions to individuals, such a veterans, seniors, handicapped
etc.. |
| TAX LIEN - A lien for nonpayment of
property taxes. Only attaches to the property upon which the taxes are not
paid. Whereas a federal income tax lien attaches to the individual and all
he owns. |
| TAX RATE - Traditionally expressed in
dollars per thousand dollars of evaluation. Such as $26 per thousand. A
$100,000 property would be taxes $2,600. Also referred to percentage of
evaluation. Such as taxes are accessed at 95% of evaluation. |
| TAX ROLL - A published list, by taxing
authority, containing the descriptions of all parcels, the names of the
owners (or whomever receives the tax bill, i.e. trustee, etc.), the
assessed value of the property, and the taxes imposed. |
| TAX SALE - Public sale of property at
auction by governmental authority, after a period of nonpayment of
property tax. |
| TAX SEARCH - The portion of the title
search that determines if there are any outstanding taxes or assessments
that may constitute a lien against the property being searched. |
| TAX SHELTER - General term used to
describe any property which gives the owner tax advantages such as
deductions for property taxes and mortgage interest. In the case of rental
property; insurance, maintenance, and depreciation are included. |
| TEMPORARY BUY DOWN - Money paid at
closing to temporarily reduce the interest rate of a mortgage. |
| TENANCY BY THE ENTIRETY - A form of
ownership by husband and wife where each owns the entire property. In the
event of death the survivor owns the property without probate. |
| TENANCY IN COMMON - An undivided
ownership in real estate by two or more persons. The ownership does not
need to be equal and in the event one member dies there is no right of
survivorship. |
| TENANT FOR LIFE - Life estate. |
| TENANT IN SEVERALTY - One who owns
property alone without any other person being joined in
ownership. |
| TENDER - The offer of money or
performance in connection with a contract. |
| TERMS - The considerations in a sale,
lease, or mortgage etc. other than price. |
| TESTAMENTARY TRUST - A trust
created by will. |
| TESTATE - Having written a last will and
testament. |
| TESTATOR - One who dies leaving a
testament or will. |
| TIME IS OF THE ESSENCE - A clause in
contracts to bind one party to perform at or by a specified time in order
to bind the other party to performance. |
| TITLE - The evidence one has of right to
possession of land. |
| TITLE INSURANCE - Insurance policy
protecting the owner or lender against loss from defective title. |
| TITLE INSURANCE COMPANY - A company that
issues insurance regarding title to real property. |
| TITLE ORDER - An order for a search of
the title to some parcel of property, eventually leading to the issuance
of a title insurance policy. |
| TITLE PAGE - The page n a subdivision
map which is signed by all parties having an interest in the land,
agreeing to the subdivision. |
| TITLE SEARCH - A review of all recorded
documents affecting a specific piece of property to determine the present
condition of the title. |
| TRACT - A parcel of land. In some
states, synonymous with a subdivision. |
| TRANSFER - The act by which the title
to property is conveyed from one party/person to another. |
| TRANSFER TAX - State tax on the
transfer of real property. Some states use the term, documentary transfer
tax. |
| TRUST - A fiduciary relationship under
which one holds property for the benefit of another. The property is held
for the beneficiary, by the trustee and is created by the settlor. |
| TRUSTEE - Someone appointed by the
court and required by law to execute a trust. May hold title to real
property under the terms of the trust. |
| TRUSTEE'S DEED - A deed by a trustee
under a deed of trust, issued to a purchaser at at auction, pursuant to
foreclosure. |
| |
| Home
> States > T |