Real Estate Glossary
Business / Real Estate Glossary
Tenancy By The Entirety: Some states allow husbands and wives to use a special form of co-ownership called tenancy by the entirety. In this form of ownership, each spouse has an equal, undivided interest in the prop . . . View Full Definition
Tenancy For Years: A tenancy for a definite period of time. The tenant must vacate the property at the end of the lease unless an extension or new lease has been agreed upon.
Tenancy In Severalty: Ownership of a property by one person, rather than held jointly with others. Also called sole tenancy.
Tenant: In general, one who exclusively holds or possesses property, such as a life tenant or a tenant for years, commonly used to refer to a lessee under a lease. A tenants occupancy, although excl . . . View Full Definition
Tenant Emergency Procedures Manual: A printed manual outlining emergency procedures, including evacuation plans and contact information for emergency personnel. The manual is used by building managers in the event of accident, . . . View Full Definition
Tenant Improvements: A commercial or an industrial property manager often is called on to make tenant improvements. These are alterations to the interior of the building to meet a tenants particular space needs. . . . View Full Definition
Tenants In Common: A form of concurrent ownership of property between two or more persons, in which each has an undivided interest in the whole property. This form is frequently found when the parties acquire . . . View Full Definition
Tenement: A common law real estate term that describes those real property rights of a permanent nature. These rights relate to the land and pass with conveyance of the land, such as buildings and imp . . . View Full Definition
Term Loan: A short-term loan requiring interest-only payments until maturity, at which time the entire principal is due and payable.
Termite Inspection: A visable check of a property for the presence of termites. Usually performed by a licensed exterminator. Buyers often make a termite inspection a condition of a sales contract, and require . . . View Full Definition
Testamentary Trust: A trust established by will.
Testate: Having made and left a valid will.
Testator: A person who has made a valid will. A woman often is referred to as a testatrix, although testator can be used for either gender.
Thermal Mass: Thermal mass is a property that enables building materials to absorb, store, and later release significant amounts of heat. Buildings constructed of concrete and masonry have a unique energy . . . View Full Definition
Third Party Originator: Third-party originators prepare loan applications for borrowers and submit the applications to lenders.
Thirteenth Amendment To The United States Constitution (1868): Section 1. Neither slavery nor involuntary servitude, except as a punishment for crime whereof the party shall have been duly convicted, shall exist within the United States, or any place su . . . View Full Definition
Three-Day Notice: Notice to quit, quit or cure, or quit or pay rent. Three-day notice must be given before an unlawful detainer action.
Threshold Notification: Notification by brokers that they have met the threshold requirements for filing status and fiscal year reports on trust fund activities.
Thrift: Another name for a savings and loan association, a financial institution established to promote thrift by accepting savings deposits, and to make home mortgage loans.
Tier (Township Strip): A strip of land six miles wide, extending east and west and numbered north and south according to its distance from the base line in the rectangular (government) survey system of legal description.
Time Is Of The Essence: A contract clause that emphasizes punctual performance as an essential requirement of the contract. Thus, if any party to the instrument does not perform within the specified time period (th . . . View Full Definition
Time-Sharing: A modern approach to communal ownership and use of real estate that permits multiple purchasers to buy undivided interests in real property (usually in a resort condominium or hotel) with a . . . View Full Definition
Timing: Refers to the length of time one must wait to receive cash flow from an investment.
Title: 1. The right to or ownership of land. 2. The evidence of ownership of land.
Title Defects: An unresolved claim against the ownership of property, which prevents presentation of a marketable title. Such claims may arise from failure of the owners spouse or former partner to sign a . . . View Full Definition
Word of the Day:
Penetration: When the ball is dribbled or passed inside the defensive area toward the basket.