# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
A tenancy from year to year, also known as a periodic tenancy, is a rental arrangement that continues for an indefinite duration, typically requiring a notice period for termination. This type of tenancy renews automatically at the end of each period (generally a year), unless either the landlord or tenant gives proper notice to terminate the lease agreement.
Tenancy in Common (TIC) represents a form of ownership in real estate where two or more individuals hold an undivided interest in the entire property, without Right of Survivorship, enabling them to independently convey their respective shares.
Tenancy In Common (TIC) is a form of real estate ownership by two or more parties, where each holds an undivided interest in the property without rights of survivorship.
Tenancy in Severalty refers to the ownership of property by a single individual or legal entity. This format of ownership allows the owner full control without the need to collaborate with co-owners or partners.
A tenant is an individual or organization that holds the right to use and occupy real estate property owned by another entity, typically under a lease agreement for a fixed or indefinite period.
Tenant fixtures are installations or improvements made by a lessee that can be removed upon the expiration of the lease.
Tenant Improvements (TIs), also known as leasehold improvements or build-outs, refer to changes made to the interior of a rented commercial property to customize it for the specific needs of the tenant.
Tenant Improvements, often abbreviated as TIs, refer to the customized alterations a building owner makes to rental space as part of a lease agreement to configure the space for the tenant's specific needs.
Amounts paid by a tenant to a landlord for the tenant’s share of expenses, typically encountered in net leases and leases with stop clauses. These payments help cover specific property-related costs such as common area maintenance, property taxes, and utility expenses.
A Tenant Representative Broker represents tenants in seeking the best property to lease, negotiating favorable transaction terms, and assisting with related leasing processes.
In real estate, a tender is an offer to perform an obligation, including delivery or actual performance, under a contract. A tender can involve payments, delivering deeds, or offering services as required by contractual terms.
Tenements refer to certain types of property, particularly older apartment units, and generally describe structures that are permanent and attached to land. They form part of the broader category of real property.
Tenure refers to the nature of an occupant's ownership rights and indicates whether one is an owner or a tenant. It is a critical factor in real estate, providing insights into housing markets and property management.
Tenure in land refers to the mode in which a person holds an estate in lands. This includes various forms such as fee simple ownership and leasehold estates.
In real estate, the term can refer to the duration during which a lease is effective or the maturity period of a loan such as a mortgage. Understanding the implications of the term is crucial for both lessees and borrowers.
A Federal Reserve funding facility established to lend up to $200 billion on a nonrecourse basis to holders of certain AAA-rated asset-backed securities, designed to promote the flow of credit to consumers and businesses.
A term loan is a loan with a set maturity date, typically borrowed with little to no amortization of the principal balance, requiring a significant payment at the end of the term.
A term mortgage is a type of mortgage that matures, or comes due, after the lapse of a pre-agreed-upon period of years, typically ranging from one to ten years.
The forecast ratio of the next year's operating income to the sale price at the time the property is expected to be resold. Contrast to Going-In Cap Rate.
Terminal value represents the remaining value or expected remaining value of a property at the end of a certain period, such as an income projection period. It is an essential component in financial modeling and valuation, like Discounted Cash Flow (DCF) analysis, to determine the future worth of an asset.
Termination in real estate entails the conclusion of contractual obligations such as leases, loans, or options either by performance or by breach.
The scheduled end date of a lease, mortgage, or option, indicating the conclusion of the agreed terms and obligations.
A clause in a real estate sales contract that allows the buyer to have the property inspected for termite infestation, often requiring the seller to treat the property or providing the buyer with the option to cancel the contract.
A termite inspection is an examination of a structure by qualified personnel to determine the presence of termite infestation. This is often a requirement stipulated in a real estate sales contract to protect the buyer from purchasing a property with termite-related damages.
Termites are insects that bore into wood and destroy it, often leading to significant structural damage in properties.
Conditions and arrangements specified in a contract, determining the obligations, rights, and conditions particular to an agreement between parties involved in a real estate transaction.
A testament is a legal document that articulates an individual’s wishes about how their personal property should be distributed after their death. The terms 'will,' 'testament,' and 'last will and testament' are often used interchangeably.
A testamentary trust is a trust established in accordance with the instructions left in a person's will and becomes active only after the death of the testator.
Testate refers to having made a valid will before death. It contrasts with intestate, where there is no will, and the estate administration follows statutory default rules.
A testator is a person who has made a will or given a legacy. In general law, a testator is the individual who explicitly provides their desires regarding the distribution of their estate upon their death through the legal document known as a will.
A testatrix is a woman who has made a legal will to manage the distribution of her property upon death. The term comes from the Latin word 'testātrīx,' the feminine form of 'testātor,' and is specifically used to indicate that the individual is female.
A clause in a deed or other conveyance that cites the act and date, ensuring that all details such as names and legal descriptions are correct before signing.
A third party is an individual or entity that is not directly involved in a transaction or contract but may still be involved or affected by it. Third parties serve different roles in real estate transactions, such as tenants, escrow agents, or other relevant stakeholders.
Third-Party Mortgage Origination involves the process of using an intermediary, generally a mortgage broker, between the borrower and the lending institution. The intermediary performs all tasks and duties required to originate the loan according to the requirements of the lending institution.
Tight money is a condition of the credit markets characterized by high interest rates, rigid underwriting standards, and scarcity of high loan-to-value loans. In such environments, it becomes more difficult for individuals and businesses to obtain financing.
TILA-RESPA Integrated Disclosures (TRID), established in 2015 under the Dodd-Frank Wall Street Reform and Consumer Protection Act, streamlined and simplified existing mortgage disclosure forms. By integrating the Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA), TRID aimed to ensure borrowers receive clearer, more concise information about their mortgage details and associated costs.
Tilt-Up Wall Construction is a popular construction technique used primarily for industrial and retail properties. Concrete walls and columns are prepared on the ground in a horizontal form. These slabs are then tilted up to a vertical position to form walls.
The phrase 'Time Is of the Essence' in a contract requires that all time-related provisions must be strictly adhered to, emphasizing that any delays could be a breach of contract.
The Time Value of Money (TVM) is a financial concept that asserts money available at the present time is worth more than the same amount in the future due to its earning potential.
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.
Timeshares allow multiple parties to own a share of a property, granting them the right to use it during specific time periods each year. This form of property ownership is often utilized for vacation destinations and resort properties.
Title in real estate is a legal document or designation that denotes ownership and interest in a property. It is evidence that the owner of land is in lawful possession thereof. Title differs from the right to possession alone, as it signifies both the right to possess and evidence of ownership.
Title 1 Loans are FHA-insured loans that allow borrowers to make nonluxury improvements (such as renovations or repairs) to their homes. Loans less than $7,500 do not require a property lien.
A Title Abstract, or Abstract of Title, is a comprehensive summary of the history of a piece of real estate. It includes a chronological record of all historical transactions, liens, easements, encumbrances, and other activities affecting ownership rights.
A Title Binder is a temporary form of title insurance that signifies the intent to issue a title insurance policy at a later date. Typically used in real estate transactions, it offers interim coverage from the time the property sale contract is signed until the closing, when a full title insurance policy is issued.
A title company plays a crucial role in the real estate transaction process by examining titles, holding earnest money, and issuing title insurance. Their services ensure that the title to a property is free from any liens or disputes before the transaction is finalized.
Title defect refers to any issue or claimant that challenges the legal ownership of a property, preventing the owner from presenting a clear or marketable title. These defects can arise due to various reasons such as missing signatures on the deed, current liens, or interruptions in the title records.
In a title insurance policy, a title exception refers to a statement detailing items or conditions that are not covered by the policy. Understanding these exceptions is crucial for assessing potential risks before purchasing a property.
A title guarantee is a type of protection that ensures the title of a property is clear of any claims or encumbrances. It provides assurance to buyers and lenders that they are purchasing a legitimate piece of real estate, free from past issues.
Title insurance is a protective policy that assures the transfer of clear title in real estate transactions. It protects against potential disputes over ownership and ensures that both lenders and buyers have security over any claims that might arise after the property transfer.
A Title Opinion is a professional judgment provided by an attorney or a title company attorney concerning the validity of an owner’s rights to a property, following a comprehensive title search.
A Title Plant is an organized database containing comprehensive information on land parcels and improved real estate properties, maintained by title insurance companies to facilitate the process of title searches and ensure accurate title documentation.
A document that indicates the current state of the title, detailing easements, covenants, liens, and any defects, but not describing the chain of title. It assures the buyer of clear title to a property.
Title search is an examination of public records to determine the ownership and encumbrances affecting real property. It is an essential step in the purchase of real estate to ensure the buyer receives clear title to the property.
Title theory states are where 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. Lenders are granted a more immediate cure for a default than in lien theory states.
A loan guarantee involves agreeing to indemnify the holder of a loan for all or a portion of the unpaid principal balance in the event of a borrower's default.
A 'To Have and to Hold Clause,' also known as a Habendum Clause, is an essential part of real estate deeds that defines the extent of ownership and rights transferred in the transaction.
Topography refers to the arrangement of the natural and artificial physical features of an area. It encompasses the terrain, elevation, and landforms, and significantly influences real estate value, construction feasibility, and property management.
The Torrens System is a land registration system that provides conclusive evidence of land ownership and simplifies the process of verifying property title status, eliminating the need for comprehensive title searches.
A tort is a wrongful act or an infringement of a right (other than under contract) leading to civil legal liability. It is distinct from criminal acts and contract breaches, but it nonetheless renders the perpetrator liable to the victim for damages.
A townhouse is a type of multi-story dwelling unit that is usually attached to other similar units by shared sidewalls. Typically found in planned unit developments (PUDs) and condominium developments, townhouses often combine aspects of both single-family homes and apartments.
A township is a 6-mile square tract delineated by a government rectangular survey system used primarily in the United States to specify land ownership and real estate bounds.
Toxic assets refer to financial assets that have lost most or all of their value and are difficult or impossible to sell due to a lack of functioning market. These assets can significantly harm the balance sheets of institutions that hold them.
Toxic mold, scientifically known as Stachybotrys chartarum, is a type of greenish-black mold that can cause severe health issues. It is known for its association with poor indoor air quality and water-damaged materials.
Toxicity refers to the degree to which a substance can cause harm to an organism. In the real estate context, it often pertains to the contamination levels in properties, affecting their habitability and market value.
A strong track record can significantly influence a developer's ability to secure financing and attract investors for new projects, ensuring successful and timely project completion.
A large area of land, usually subdivided into smaller parcels for the purposes of development or sale.
A tract house refers to a dwelling that shares a similar style and floor plan with other houses in a development. This type of construction is commonly used in subdivisions and is often associated with mass production techniques.
A trade area, also known as a market area, refers to the geographical region from which a business, especially a retail or service enterprise, draws its customers. This concept is crucial in real estate and retail industries for strategic planning, marketing, and site selection.
Trade fixtures are objects placed in rented commercial properties by tenants to facilitate their business operations. These fixtures can typically be removed by the tenant before the lease's expiration. However, if they are not removed in a timely manner after the lease ends, they may become the property of the landlord.
Trade or business property, as referenced in Section 1231, refers to property used in a trade or business activity that can provide tax benefits upon sale or exchange. Such properties are subject to specific tax regulations that can impact depreciation and capital gains treatment.
Trading Up refers to the process of buying a larger or more expensive property, often done to accommodate growing families, enhance lifestyle, or secure better investment opportunities.
Traffic counts are tallies of vehicular traffic conducted by state departments of transportation or local governments to help in traffic management, road planning, and retail site selection.
A tranche refers to a piece, portion, or slice of a deal or structured financing. Each tranche offers a different risk-reward ratio to suit different investor appetites.
Transaction Brokerage is an arrangement in which a broker facilitates a real estate transaction without representing either the buyer or the seller. The broker remains neutral throughout the process, focusing on administrative duties to ensure the smooth execution of the transaction.
Transaction costs are the expenses incurred during the process of buying and selling real estate, ranging from legal fees to broker commissions, and various other charges ensuring the successful transfer of property.
A Transfer of Development Rights (TDR) is a zoning ordinance mechanism that allows property owners in low-density or conservation areas to sell their development rights to other property owners. This system supports low-density development, such as historic preservation or open space conservation, while permitting higher density developments elsewhere, effectively balancing real estate utilization.
A transfer tax is a tax imposed when the title or ownership of property is transferred from one person to another, often seen in real estate transactions.
Transferable Development Rights (TDR) are a zoning tool that allows property owners to transfer the right to develop one parcel of land to another parcel, facilitating controlled urban development and the preservation of resources.
A transition room, commonly known as a mudroom, is an entryway space in a house designed to serve as a barrier between the outdoors and the home interior. It typically includes storage for outerwear and footwear, providing a place to remove and store dirty or wet garments before entering the main living areas.
A transmittal letter introduces a larger document, such as an appraisal report, and provides essential information about the origin and purpose of the accompanying document.
TransUnion is one of the three major credit reporting agencies (along with Experian and Equifax) in the United States, responsible for collecting and providing consumer credit information to lenders and other entities.
Trespass refers to the unlawful entry or possession of someone's property without permission. It can involve physical intrusion or unlawful occupation, thereby infringing on the possessor's rights.
A tri-level home, also known as a split-level home, is a type of house that separates living spaces on different levels, typically with short flights of stairs connecting each set of rooms.
A Triple-A (AAA) Tenant is a tenant with an excellent credit rating, typically characterized by a minimal likelihood of defaulting on lease obligations.
A triple-net lease (NNN) is a commercial lease agreement where the tenant agrees to pay all expenses of the property, aside from the rent. These include real estate taxes, building insurance, and property maintenance.
A Triple-Net Lease (NNN) is a commercial real estate lease agreement where the tenant is responsible for covering property taxes, insurance, and maintenance costs, in addition to the rent.
A Triple-Net Lease (NNN) is a type of lease agreement where the tenant agrees to pay all the operating expenses of the property, including property taxes, insurance, and maintenance, in addition to the rent.
A triplex is a type of residential building that contains three separate apartment or townhouse units within one structure. Each unit typically has its own entrance, and the building can offer different living spaces and layouts for tenants or owners.
A landmark property that is well known by the public and highly sought by institutional investors such as pension funds and insurance companies. Generally features one-of-a-kind architectural designs, the highest quality of materials, and expensive finishes. These properties are more desirable than Class A buildings and are likely to stand for hundreds of years.
Trulia is a popular website that provides comprehensive information on residential real estate, including homes for sale and detailed property features. It's designed to connect potential buyers with real estate brokers who are members of Trulia.
A legal arrangement where property is transferred to a trustee, who manages it for the benefit of the beneficiary.
A trust account, also known as an escrow account in some states, is a separate bank account required by state law for brokers to deposit all client monies. This ensures that client funds are kept separate from the broker's own funds.
A trust deed is a conveyance of real estate to a third party to be held for the benefit of another. Commonly used in certain states in place of mortgages, it conditionally conveys title to a lender.
A trustee is an individual or organization that holds or manages property or assets for the benefit of another party. Trustees are often seen in trust deeds, and they have a fundamental role in ensuring the terms of the trust are adhered to, typically within a fiduciary or neutral capacity.
A Trustee's Deed is a legal document that conveys property ownership from a trustee to a buyer, commonly used in real estate transactions involving foreclosed properties.
A trustee's sale is a type of foreclosure sale conducted by a trustee under the stipulations of a deed of trust, where the property is auctioned off to recover the owed debt.
A trustor is an individual or entity that creates a trust by transferring assets to a trustee for the benefit of beneficiaries. In real estate, a trustor may also refer to someone who gives a deed of trust as collateral for a loan.
The Truth in Lending Act (TILA) is a federal law designed to promote the informed use of consumer credit by requiring disclosures about its terms and cost. Implemented by Regulation Z, it aims to standardize and safeguard credit transactions, ensuring consumers are aware of and understand key aspects of the financial agreements they enter.
The Truth-in-Lending Act (TILA) is a federal law designed to promote fairness and clarity in credit and lending practices. It requires lenders to disclose clear and standardized information about the terms and costs of loans to protect consumers.
