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| Take-Out Financing | Long-term permanent financing. |
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| Taking | A common synonym for condemnation or any actual or material interference with private property rights but it is not essential that there be physical seizure or appropriation. |
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| Tax Base | The assessed valuation of all the real property that lies within the jurisdiction of a taxing authority, which is then multiplied by the tax rate or mill levy to determine the amount of tax due. |
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| Tax Lien | A statutory lien, existing in favor of the state or municipality, for nonpayment of property taxes which attaches only to the property upon which the taxes are unpaid. |
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| Tax Reform Act OF 1984 | In the Tax Reform Act of 1984, Congress addressed the IRS's continued displeasure with the Starker decision by amending Section 1031 to allow Delayed Exchanges; but only if all of the exchange property is identified and acquired within specific deadlines (see Exchange Period). And most important in the Conference Report accompanying the 1984 Act, Congress specifically reaffirmed that a "sale" followed by reinvestment in like-kind property does NOT qualify for tax deferral under Section 1031. So to qualify for tax deferral, it is still quite essential to carefully structure an exchange to avoid actual or constructive "receipt" of proceeds of sale and to prevent characterization of the transaction as a taxable sale and reinvestment. |
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| Tax roll | A list or record containing the descriptions of all land parcels located within the county, the names of the owners or those receiving the tax bill, assessed values and tax amounts. |
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| 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. |
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| 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. |
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| Tenancy at Will | 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. |
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| Tenancy by 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. |
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| 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. |
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| Tenancy in Common | Ownership of property by two or more individuals, each of whom has an undivided interest, without the right of survivorship. |
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| Tenancy in Severalty | Ownership of property vested in one person alone, and not held jointly with another; also called Several Tenancy or Sole Tenancy. |
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| Tenant (Lessee) | 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. |
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| Tenant at Will | One who holds possession of premises by permission of the owner or landlord, the characteristics of which are an uncertain duration (i.e. without a fixed term) and the right of either party to terminate on proper notice. |
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| Tenant Improvements (TI's) | Defines the fixed amount of money contributed by the landlord toward tenant improvements. The tenant pays any of the costs that exceed this amount. Also commonly referred to as "Tenant Finish Allowance. |
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| Tenant Representative | A Licensed Real Estate Agent working for the best interests of the Tenant, not the Landlord. They usually don't have a listing agreement or agency relationship with the Owner or his Agent. This allows the Tenant Rep. to commit fully to achieving the objectives of the Tenant. |
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| Tenants at Sufferance | An individual who comes to possess land via lawful title and keeps it in perpetuity without any title. |
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| Tie-in Arrangement | A contract where one transaction depends upon another transaction. |
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| Time is of the Essence | The clause in a contract which emphasizes that punctual performance is an essential requirement of the contract. |
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| 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. |
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| Title | The means whereby the owner of lands has the just and full possession of real property. |
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| Title Insurance | A policy issued by a title company after searching the title and which insures against loss resulting from defects of title to a specifically described parcel of real property, or from the enforcement of liens existing against it at the time the title policy is issued. |
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| Title Search | A review of all recorded documents affecting a specific piece of property to determine the present condition of title. |
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| Tort | A wrongful act or violation of a legal right for which a civil action will lie. |
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| Total Inventory | The total amount of square footage of a type of property (i.e. office, industrial, retail, etc.) within a geographical area, whether vacant or occupied. This normally includes owner-occupied space. |
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| 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. |
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| 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. |
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| Trade Fixtures | Personal property that is attached to a structure (i.e. the walls of the leased premises) that are used in the business. Since this property is part of the business and not deemed to be part of the real estate, it is typically removable upon lease termination. |
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| Triple Net Lease (NNN) | A lease arrangement whereby the Tenant is obligated to pay for all the operating expenses associated with their space. They would have to contract individually for janitorial, electricity, insurance, and repairs. Not often seen in office buildings because many services overlap (i.e. there is a central air system, central restrooms). NNN leases can become expensive if surprise maintenance issues arise, or the property does not have an established expense pattern (it's new). |
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| 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). |
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| 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. |
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| Turn Key Project | The construction of a project in which a third party, usually a developer or general contractor, is responsible for the total completion of a building (including construction and interior design) or, the construction of tenant improvements to the customized requirements and specifications of a future owner or tenant. All that is left undone is to turn over the keys to the buyer. |
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