Glossary T

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TANGIBLE ASSET
Anything of substance; personal land and real property (e.g., cash, building, equipment,
land.)
TAX
Compulsory payment paid by a citizen to a unit of government.
TAXABLE INCOME
Gross income minus tax deductions; net operating income plus reserve for replacements
minus financing cost and allowable depreciation.
TAXABLE VALUE
The assessed value less allowable exemptions resulting in an amount to which the tax rate
is applied to determine property taxes due.
TAX CERTIFICATE
A document sold by a local tax authority granting the certificate buyer the right to
receive delinquent taxes plus interest when paid by the legal property owner.
TAX CLAUSE
A provision in a mortgage that requires the borrower to pay all legitimate property taxes.
TAX DEED
A type of deed used to convey title after real property is sold at auction by public
authority by non payment of taxes.
TAX DISTRICT
An authority, such as a city, county, school board, or special levy are (e.g., water
district), with the power to asses property owners annually in order to meet its
expenditures for the public good.
TAX LIEN
A claim against real property arising out of non payment of the property taxes.
TAX RATE
The percentage of value that is used to determine the amount of tax to be levied against
each individual unit of property; ad valorem (according to the value).
TAX SHELTER
An investment that shield items of income or gain from payment of income taxes; a term
used to describe some tax advantages of owning real property (or other investments),
including postponement or even elimination of certain taxes.
TENANCY
The estate or rights of a tenant. (See also Estate.)
TENANCY AT SUFFERANCE
An estate lawfully acquired for a temporary period of time but retained after a period of
lawful possession has expired; non freehold estate.
TENANCY AT WILL
An estate that may be terminated by either party at any time upon proper notice; non
freehold estate.
TENANCY BY THE ENTIRETIES
(SEE ESTATE BY THE ENTIRETIES.)
A tenancy created by husband and wife jointly owning real property with instant and
complete right of survivorship.
TENANCY IN COMMON
A form of ownership by two or more persons each having an equal or unequal interest and
passing the interest to heirs, not to surviving tenants.
TENANT
A person or party with rights of occupancy or possession of real property.
TERM LOAN
A nonamortizing mortgage that normally calls for repayment of the principal in full at
the end of the term loan.
TESTATE
Having left a will.
TESTATOR (TESTATRIX)
A person who makes a will.
THIRD PARTY
Generally, a member of the public; not the principal or agent in a transaction.
TIER
An east-west row of townships (used as in the government survey method of land
description).
TIME IS OF THE ESSENCE
A phrase in a contract making failure to perform by a specified date a breach or
violation of the agreement.
TIME-SHARE
An individual interest in a real property unit together with a right of exclusive use for a
specified number of days or weeks per year.
TITLE
The group of rights that represent ownership of real property and the quality of the estate
owned; evidence of ownership of property; legal title.
TITLE INSURANCE
A policy of insurance that protects the holder from any loss resulting from defects in the
title.
TITLE PLANT
Copies of recorded documents from the public records kept by title insurance
companies; record room.
TITLE THEORY
Legal concept that vests title to mortgaged property in the mortgage (lender) or a third
party.
TOPOGRAPHY
Surface features (natural and man-made) of land (e.g., lakes, mountains, roads).
TOWNSHIP
A square tract of land measuring six miles on each side and including 36 sections (formed
by the crossing of range and township lines).
TOWNSHIP LINES (SUBBASELINES)
The east-west survey lines located every six miles north and south of the primary base line.
TRADE NAME
Any adopted or fictitious name used to designate a business concern.
TRUST
A right of property, either real or personal, held by one party for the benefit of another.
TRUST ACCOUNT
(SEE ESCROW ACCOUNT.)
An account in a bank, title company, credit union, savings association, or trust company
used solely for safekeeping customer funds and not for deposit of personal funds; impound
account.
TRUSTEE (ESCROW AGENT)
A person or party, either appointed or required by law to administer or manage
another's property.