Business / Real Estate Glossary

Survivorship: The right of surviving joint tenants to the ownership interest of another joint tenant upon the latters death.

Swap Program: A Freddie Mac program where lower yield mortgages are exchanged for Participation Certificates.

Syndicate: A combination of people or firms formed to accomplish a business venture of mutual interest by pooling resources. In a real estate investment syndicate the parties own and/or develop propert . . . View Full Definition

Syndication: A descriptive term for a group of two or more people united for the purpose of making and operating an investment. A syndication may operate in the form of a REIT, corporation, general partn . . . View Full Definition

Table Funding: Simultaneous conveyance of purchase price and title as well as all loan papers at a closing.

Tacking: Adding or combining successive periods of continuous occupation of real property by adverse possessors. This concept enables someone who has not been in possession for the entire statutory p . . . View Full Definition

Take-Out Financing: Long-term permanent financing. In the usual large construction project, the developer obtains two types of financing. The first is the interim loan, a short-term loan to cover construction c . . . View Full Definition

Taking: The concept of taking comes from the Takings clause of the fifth amendment of the United States Constitution. The clause reads, nor shall private property be taken for public use, without ju . . . View Full Definition

Talking Sign: A radio transmitter with a range of up to 250 feet that broadcasts a description of a property to prospects listening to a radio tuned to the transmitters frequency.

Tandem Plan: A mortgage subsidy program offered from time to time by the United States Congress. The Government National Mortgage Association (GNMA) purchases certain mortgages at below market interest r . . . View Full Definition

Tax Bill: A property owners tax bill is computed by applying the tax rate to the assessed valuation of the property.

Tax Credit: An amount by which tax owed is reduced directly.

Tax Deed: An instrument, similar to a certificate of sale, given to a purchaser at a tax sale.

Tax Deferred Exchange (1031 Exchange): Under Section 1031 of the Internal Revenue Code, some or all of the realized gain from the exchange of property may not need to be immediately recognized for tax purposes. Both properties in . . . View Full Definition

Tax Levy: The amount to be raised from the general real estate tax is then imposed on property owners through a tax levy. A tax levy is the formal action taken to impose the tax, usually a vote of the . . . View Full Definition

Tax Lien: A charge against property, created by operation of law. Tax liens and assessments take priority over all other liens.

Tax Rate: The tax rate for each taxing body is computed separately. To arrive at a tax rate, the total monies needed for the coming fiscal year are divided by the total assessments of all real estate . . . View Full Definition

Tax Reform Act Of 1986 (TRA 86): Sweeping revisions to the income tax laws, enacted by the United State Congress in 1986, that lowered tax rates and eliminated many tax shelters.

Tax Sale: A court-ordered sale of real property to raise money to cover delinquent taxes.

Tax Shelter: A phrase often used to describe some of the tax advantages of real estate or other investments, such as noncash deductions for cost recovery (depreciation), interest, taxes and postponement . . . View Full Definition

Tax-Free Gifts: Gifts that are free from federal gift taxes.

Taxation: 1. The process by which a government or municipal quasi-public body raises monies to fund its operation. 2. The impact an investment has on the investors liability for the payment of federal . . . View Full Definition

Taxpayer Relief Act Of 1997 (TRA 97): Enacted by the United State Congress and effective May 7, 1997, TRA 97 provides for broader exemption from capital gains taxes on the profits on the sale of a personal residence. Replaces th . . . View Full Definition

Tenancy At Sufferance: A tenancy (or estate) in which a person wrongfully holds or occupies a property after the expiration of a lease without the consent of the landlord. No notice of termination is required for . . . View Full Definition

Tenancy At Will: A tenancy (or estate) in which a person holds or occupies real estate with the permission of the owner, for a term of unspecified or uncertain duration: i.e., there is no fixed term to the tenancy.

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