TAKEOUT FINANCING
a commitment to provide permanent financing following
construction of a planned project. The takeout commitment
is generally predicated upon specific conditions,
such as a certain percentage of unit sales or leases,
for the permanent loan to "takeout" the
construction loan. Most construction lenders require
takeout financing.
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TAKING 1. acquisition of a parcel
of land through condemnation. 2. in land use law,
application of police power restrictions to a parcel
of land that are so restrictive as to preclude any
reasonable use.
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TANDEM PLAN a program of the Government
National Mortgage Association (GNMA) working together
with the Federal National Mortgage Association (FNMA)
to provide low-interest rate home loans.
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TANGIBLE PROPERTY real estate and
other valuables which can be seen and touched.
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TAX a charge levied upon persons
or things by a government.
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TAX AND INSURANCE ESCROW an account
required by a mortgage lender to fund annual property
tax assessments and hazard insurance premiums for
the mortgaged property. Funded through monthly contributions
by the mortgagor.
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TAX BASE the collective value of
property, income or other taxable activity or assets
subject to a tax. Tax revenues are computed as the
tax base times the tax rate. For property taxation,
the tax base is the total assessed value of all taxable
property less exemptions.
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TAX BASIS same as basis (tax).
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TAX BRACKET marginal rate for income
taxes; the percentage of each additional dollar in
income required to be paid as income taxes.
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TAX CREDIT a reduction against income
tax payments that would otherwise be due. Contrast
with tax deductions that reduce taxable income .
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TAX DEDUCTIBLE a type of expense
that can be used to reduce taxable income.
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TAX DEDUCTION one that can be used
to reduce taxable income.
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TAX DEED the type of instrument
given to a grantee by a government that had claimed
the property for unpaid taxes.
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TAX-EXEMPT PROPERTY real property
that is not subject, in whole or in part, to ad valorem
property taxes.
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TAX FORECLOSURE the process of enforcing
a lien against property for nonpayment of delinquent
property taxes. Taxing authorities hold a superior
lien against all taxable property to enforce the payment
of their taxes-
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TAX-FREE EXCHANGE same as tax-deferred
exchange.
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TAX LIEN a debt attached against
property for failing to pay taxes.
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TAX MAP a document showing the location,
dimensions, and other information pertaining to a
parcel of land subject to property taxes. Maps are
generally bound into books and kept as public records
at the local tax office.
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TAX PREFERENCE ITEMS certain types
of Income or deductions that are added to adjusted
gross income to calculate the alternative minimum
tax.
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TAX RATE the ratio of a tax assessment
to the amount being taxed.
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TAX ROLL the list of all properties
subject to a tax in a county or other property taxing
jurisdiction. It identifies all properties and indicates
their assessed values.
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TAX SALE the sale of property after
a period of nonpayment of taxes. The grantee receives
a tax deed. In most states the defaulting party has
a redemption period during which he may pay the unpaid
taxes, interest, court costs, and the purchase price
to redeem the property.
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TAX SHELTER an investment that produces
after-tax income that is greater than before-tax income.
The investment may produce before-tax cash flow while
generating losses to shield, from taxation, income
from sources outside the investment.
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TAX STOP a clause in a lease that
stops a lessor from paying property taxes above a
certain amount.
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TEASER RATE a contract interest
rate charged on an adjustable-rate mortgage for the
initial adjustment interval that is significantly
lower than the fully indexed rate at the time. It
is an incentive to encourage borrowers to accept adjustable-rate
mortgage loans. In general, the interest rate reverts
to the fully indexed rate at the first adjustment
date.
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TENANCY the right of possession
of real property. May refer to ownership or occupancy.
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TENANCY AT SUFFERANCE tenancy established
when a person who had been a lawful tenant wrongfully
remains in possession of property after expiration
of a lease.
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TENANCY AT WILL a license to use
or occupy lands and buildings at the will of the owner.
The tenant may decide to leave the property at any
time or must leave at the landlord’s will. Agreement
may be oral or written.
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TENANCY BY THE ENTIRETY an estate
that exists only between husband and wife with equal
right of possession and enjoyment during their joint
lives and with the right of survivorship-i.e., when
one dies, the property goes to the surviving tenant.
Recognized in some states.
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TENANCY FOR LIFE same as life estate.
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TENANCY FOR YEARS created by a lease
for a fixed term, such as 2 months, 3 years, 10 years,
and so on.
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TENANCY FROM YEAR TO YEAR same as
leasehold.
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TENANCY IN COMMON an ownership of
realty by 2 or more persons, each of whom has an undivided
interest, without the right of survivorship. Upon
the death of one of the owners, the ownership share
of the decedent is inherited by the party or parties
designated in the decedent's will. Compare with partition.
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TENANCY IN SEVERALTY ownership of
property by one person or one legal entity (corporate
ownership).
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TENANT one who is given possession
of real estate for a fixed period or at will.
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TENANT FIXTURES mixtures added to
]eased real estate by a lessee that, by contract or
by law, may be removed by the lessee upon expiration
of the lease.
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TENDER 1. an offer to perform an
obligation, together with present ability to perform.
2. to perform under a contract. 3. to pay or deliver
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TENEMENTS 1. possessions that are
permanent and fixed; structures attached to land.
2. older apartment units.
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TENURE the nature of an occupant's
ownership rights; an indication of whether one is
an owner or a tenant.
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TENURE IN LAND the mode in which
a Person holds an estate in lands.
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TERM the period of time during which
something is in effect.
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TERM, AMORTIZATION for a loan, the
period of time during which principal and interest
payments must be made; generally the time needed to
amortize the loan fully.
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TERMITE CLAUSE a provision in a
sales contract that allows the buyer to have the property
inspected for termite infestation. In general, if
termites are discovered, the buyer may require the
seller to treat the property or the buyer may cancel
the contract. Most clauses now use the term wood-destroying
insects to protect against other types of insects
that harm structures, such as the powder post beetle
and old house borer.
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TERMITE INSPECTION an examination
of a structure by qualified personnel to determine
the existence of infestation by termites. Often required
by the terms of a sales contract.
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TERMITES insects that bore into
wood and destroy it.
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TERM LOAN one with a set maturity
date, typically without amortization.
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TERMS conditions and arrangements
specified in a contract
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TESTAMENT a will. Generally to dispose
of personal property. Common usage employs the words
will, testament, and last will and testament as synonyms.
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TESTATE having made a valid will.
Contrast with intestate.
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TESTATOR a person who makes a will
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TESTATRIX a woman who makes a will.
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TESTIMONIUM a clause that cites
the act and date in a deed or other conveyance. Before
signing a deed, the grantor should make sure that
everything is in order, e.g., the spelling of names
and legal descriptions. This is the testimonium clause.
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THIRD PARTY one who is not directly
involved in a transaction or contract but may be involved
or affected by it.
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TIL truth-in-lending law.
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TIME IS OF THE ESSENCE a phrase
that, when inserted in a contract, requires that all
references to specific dates and times of day noted
in the contract be interpreted exactly. In its absence
extreme delays might be acceptable.
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TIME-SHARING a form of property
ownership under which a property is held by a number
of people, each with the right of possession for a
specified time interval. Time-sharing is most commonly
applied to resort and vacation properties.
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TIME VALUE OF MONEY a concept that
money available now is worth more than the same amount
in the future because of its potential earning capacity.
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TITLE evidence that the owner of
land is in lawful possession thereof; evidence of
ownership. marketable title.
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TITLE COMPANY one in the business
of examining title to real estate and/or issuing title
insurance.
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TITLE DEFECT an unresolved claim
against the ownership of property which prevents presentation
of a marketable title. Such claims may arise from
failure of the owner's spouse, or former part owner,
to sign a deed, current liens against the property,
or an interruption in the title records to a property.
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TITLE INSURANCE an insurance policy
that protects the holder from loss sustained by defects
in the title.
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TITLE REPORT a document indicating
the current state of the title, such as easements,
covenants, liens and any defects. The title report
does not describe the chain of title.
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TITLE SEARCH an examination of the
public records to determine the ownership and encumbrances
affecting real property.
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TITLE THEORY STATES states in which
the law splits the title of mortgaged property into
legal title, held by the lender, and equitable title,
held by the borrower. The borrower gains full title
to the property upon retiring the mortgage debt. The
lender is granted more immediate cure to a default
than in lien theory states. Contrast with lien theory
states.
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TOPOGRAPHY the state of the surface
of the land; may be rolling, rough, flat, etc.
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TORRENS SYSTEM a title registration
system used in some states; the condition of the title
can easily be discovered without resorting to a title
search.
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TORT a wrongful act that is neither
a crime nor a breach of contract, but that renders
the perpetrator liable to the victim for damages.
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TOWN HOUSE a dwelling unit, generally
having 2 or more floors and attached to other similar
units via party walls. Town houses are often used
in planned unit developments and condominium developments,
which provide for clustered or attached housing and
common open space.
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TRANSFERABLE DEVELOPMENT RIGHTS
the permission to increase the intensity of development
for I parcel in exchange for decreasing the density
of an adjacent parcel.
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TRANSFER DEVELOPMENT RIGHTS a type
of zoning ordinance that allows owners of property
zoned for low-density development or conservation
use to sell development rights to other property owners.
The development rights purchased permit the landowners
to develop their parcels at higher densities than
otherwise. The system is designed to provide for low-density
uses, such as historic preservation, without unduly
penalizing some landowners.
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TRANSFER TAX one paid upon the passing
of title to property or to a valuable interest
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TRESPASS unlawful entry or possession
of property.
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TRIPLE-A TENANT one with an excellent
credit record.
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TRIPLE-NET LEASE one in which the
tenant is to pay all operating expenses of the property;
the landlord receives a net rent.
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TRUST an arrangement whereby property
is transferred to a trusted third party (trustee)
by a grantor (trustor). The trustee holds the property
for the benefit of another (beneficiary).
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TRUST ACCOUNT a separate bank account
segregated from a broker's own funds, in which the
broker is required by state law to deposit all monies
collected for clients. In some states called an escrow
account.
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TRUST DEED a conveyance of real
estate to a third party to be held for the benefit
of another. Commonly used in some states in place
of mortgages that conditionally convey title to the
lender.
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TRUSTEE one who holds property in
trust for another to secure performance of an obligation;
the neutral party in a trust deed transaction.
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TRUSTEE'S DEED same as deed of trust.
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TRUSTEE'S SALE a foreclosure sale
conducted by a trustee under the stipulations of a
deed of trust.
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TUDOR an English-style imposing-looking
house with fortress lines. Siding is chiefly stone
and brick with some stucco and half timbers. Windows
and doors have moulded cement or stone trim around
them.
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TURNKEY PROJECT a development in
which a developer completes the entire project on
behalf of a buyer; the developer turns over the keys
to the buyer at completion.
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