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Real Estate Dictionary

 

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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.
  
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