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.