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Glossary of Real Estate Terms
This Glossary has
been provided as a courtesy to assist you in
gathering information relative to real estate.
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T |
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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 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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Tenant (Lessee):
One who rents real estate from another and holds
an estate by virtue of 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 Improvement (“TI”)
Allowance or Work Letter:
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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“Time Is Of The Essence”:
Means that performance by one party within the
period specified in the contract is essential to
require performance by the other party. |
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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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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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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 (NNN) 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. |
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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. |
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