Property Legal Terms (T)

tenancy

1. the right and the period of possession of real estate by ownership or rental
2. (MYS) a rental agreement for a period not exceeding three years and not required to be registered on the title.

tenancy in common

As opposed to joint tenancy, when there are two or more individuals on title to a piece of property, this type of ownership does not pass ownership to the others in the event of death.

tenant

A person who occupies real property owned by another based upon an agreement between the person and the landlord/owner, almost always for rental payments

tenant improvements

Charges, typically to a property, to accommodate specific needs of a tenant. The cost of such improvements may be borne by the landlord or shared by both, the tenant and the landlord as may be agreed upon by the two

tender

1. an offer of money or service in payment of an obligation
2. a written offer to contract goods or services at a specified cost or rate; a bid.

tenure

the length of time or condition under which something, such as a piece of property, is held. The duration of ownership rights

term

The period of time during which something is in effect. A stated number of years. A condition specified in an agreement.

termination

The legal right of the lessee/licensee to vacate the demised premises and terminate the agreement. The right to termination of lease/license is described in detail in an agreement

third-party origination

A process by which a lender uses another party to completely or partially originate, process, underwrite, close, fund, or package the mortgages it plans to deliver to the secondary mortgage market.

time-sharing

Ownership for a specific period of time, of a property, by several persons. Applicable to condominiums and resorts. For example a unit or apartment in a resort may be sold to 12 persons or entities where each is given the right to the unit for a period of one month every year. Weekly ownership is the most common period of time share

title

A legal document evidencing a person's right to or ownership of a property.

title company

A company that specializes in examining and insuring titles to real estate.

title deed

the document showing ownership of the land and includes land title deed with map, pre-emption title deed and pre-emption certificate stamped "ALREADY PUT TO USE".

title insurance

Insurance that protects the lender (lender's policy) or the buyer (owner's policy) against loss arising from disputes over ownership of a property.

title search

A check of the title records to ensure that the seller is the legal owner of the property and that there are no liens or other claims outstanding.

topographical survey

A survey of an area by mapping the physical features of the region

topography

Art of mapping the physical features of a region. The topography describes the characteristics of an area, such as its contours, flatness, mountains, etc.

trade in land

The acquisition and disposition of land for commercial profit by the sell, exchange or conditional sell (hire-purchase) of land

transaction costs

Taxes, legal fees and other costs incurred in transaction property

transfer fax

An assessment and imposition of tax by state or local government when a piece of property changes hands.

transfer of ownership

Any means by which the ownership of a property changes hands. Lenders consider all of the following situations to be a transfer of ownership: the purchase of a property "subject to" the mortgage, the assumption of the mortgage debt by the property purchaser, and any exchange of possession of the property under a land sales contract or any other land trust device.

transfer tax

State or local tax payable when title passes from one owner to another.

two-step mortgage

An adjustable-rate mortgage (ARM) that has one interest rate for the first five or seven years of its mortgage term and a different interest rate for the remainder of the amortization term.

two- to four-family property

A property that consists of a structure that provides living space (dwelling units) for two to four families, although ownership of the structure is evidenced by a single deed.

trustee

A fiduciary who holds or controls property for the benefit of another.

turnkey

A development in which a developer completes the entire project on behalf of a buyer. All the new tenant or owner has to do is "turn the key" to the apartment or office in a newly constructed building because everything is completed and ready for occupancy.