| T Terms
: |
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. |
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. |
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. |
Tenancy
|
The right to occupy a property under agreed terms and conditions. |
Tenancy for Life
|
See Life Estate. |
Tenants in Common
|
A type of joint tenancy in a property where two or more
purchasers own a property in unequal shares. If one dies,
his or her shares pass to his or her beneficiaries under the
terms of the will. Contrast with joint tenancy. |
Title Search
|
A check of the title records to ensure that the seller is
the legal owner of the property and that there are no other
claims or liens outstanding. |
Torrens Title
|
A system of recording property ownership where registration
on the Certificate of Title guarantees ownership. |
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. |
Townhouse
|
A dwelling unit, generally having two or more floors and
attached to other similar units via party walls. |
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. |
Transfer
|
A document registered at the Land Titles Office and noted
on the Certificate of Title which verifies the change of ownership
of a property. |
Triple Net rent
|
A lease in which the tenant pays, in addition to rent, certain
costs associated with a leased property, which may include
property taxes, insurance premiums, repairs, utilities, and
maintenances. There are also Net Leases" and NN (double
net) leases, depending upon the degree to which the tenant
is responsible for operating costs |
Trustee
|
A fiduciary who holds or controls property for the benefit
of another. |
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. |