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Legal Term |
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T-intersection
Lot
A lot whose front is facing head-on into a
street and where the noise and glare from
headlights may distracting and detract from
its ownership.
Tangible
Any real or personal property that can be
physically touched or handled.
Tax
As applied to real estate, an enforced charge
imposed on persons, property or income, by
the government to be used to support government
services and programs.
Tax
Abatement
The amount of decrease or deduction of a tax
improperly levied.
Tax
Deed
A deed executed by the tax collector to the
state when property taxes are unpaid and the
property is sold for the payment of back taxes.
A tax deed is used to convey title to the
buyer.
Tax
Rate
The
percent of income paid as tax, or the percent
of the value of a property, product, service
or asset paid as tax.
Tax
Reform Act of 1986
The Act which replaced the previous Internal
Revenue Code Act of 1954 to simplify the income
tax code, broaden the tax base and eliminate
many tax shelters and other preferences. The
top tax rate was lowered from 50% to 28% while
the bottom rate was raised from 11% to 15%.
This is the only time in the history of the
U.S. income tax that the top rate was reduced
and the bottom rate increased concurrently.
Tax
Shelter
The creation of a taxable loss on an investment
property, and applying such a loss to offset
taxable income earned by another source.
Taxable
Gain
The amount received on a sale of a property
that is greater than what it was purchased
for and which is subject to federal taxation.
Taxable
Income
Income or loss reported for tax purposes.
Taxable income is the "gross income"
minus "allowed deductions".
Taxable
Value
Actual value as determined by the Property
Assessor. This value, in thousands of dollars,
when multiplied by the Tax Rate equals the
amount of real property taxes payable.
Taxation
A forced contribution levied by the government
and taken from persons, corporations and organizations
to be used to support government services
and programs.
Tenancy
Agreement
Also called Rental Agreement. Legally binding
contract between the landlord and the tenant
containing details about the rental terms
such as price, "Covenants", and
obligations of the let.
Tenancy
at Will
A tenancy where the tenant, with the permission
of the landlord, occupies premises as a tenant
for an indefinite period which can be terminated
by either party at any time.
Tenancy
by the Entirety
Ownership that is acquired by a husband and
wife during marriage is jointly and equally
owned, with the survivor taking the whole
ownership upon the other's death.
Tenant
Any person who has legal temporary possession,
occupancy or use of real property belonging
to another occupying with the owner's permission.
Tenants
in Common
The co-ownership of a property by two or more
persons with varying interests. Each may sell
or bequeath their interest and in the event
of death, their interest becomes a part of
their estate.
Term
The length of a contract period. With respect
to mortgages, a time period at the end of
which the outstanding balance of a mortgage
is due and payable.
Termites
The
ant-like insects which feed on wood and are
highly destructive to wooden structures.
Term
Mortgage
A type of loan having a stated length (normally
under 5 years), which only interest is paid
and at the expiration of the term, the entire
principal is paid.
Tidelands
Coastal land submerged during high tide and
visible during lowtides.
Timeshare
A property development where occupancy time
is sold. This allows multiple owners to share
title and enjoy use or occupation of the property
for specific periods of time.
Title
In real estate, the rights of ownership and
possession of particular property. Title may
refer to the documents by which a right of
ownership is established (title documents),
or it may refer to the ownership interest
one has in the real estate.
Title Company
A corporation whose primary function is to
insure and examine titles to real property.
Title Defect
Any encumbrance or legal right to a property
claimed by a person other than the owner.
Examples include unpaid real estate taxes
or claims to the property such as those of
an unknown heir. Also called a cloud on title.
Title Insurance
A policy that protects a buyer against errors
or omissions or defects in the title of a
specifically described parcel of real property.
Title Search
A review of all public records and legal proceedings
affecting a specific piece of property to
determine the present condition of title.
Torrens
System
A system of title recordation provided by
provincial law, it is a system for the registration
of land title, indicating the state of the
title, including ownership and encumbrances
without the necessity of an additional search
of the public records. Also known as the Land
Titles System.
Tort
Any wrongful act such as a private injury
or civil wrong doing that does not involve
a breach of contract, for which the court
will provide a remedy in the form of an action
for damages.
Townhome
(Townhouse)
A townhome is a house in a row of usually
the same or similar design with common side
walls or with a very narrow space between
adjacent side walls. The major difference
between a townhome and a condo is that a condominium
owns his or her individual unit, but does
not own the land surrounding the living space.
The condo does, however, own a percentage
of the surrounding property, including land
and any amenities on the property which are
outlined in deed. The buyer of a townhome
owns the individual unit, as well as the ground
underneath that unit and any front and back
yards. Each townhome has its own roof, in
contrast to condominiums which may be part
of a multiple story building.
Township
A territorial subdivision six miles long,
six miles wide and containing 36 sections,
each one mile square which is located between
two range lines and two township lines.
Tract
A parcel of land.
Trespass
An unauthorized entry by a person called a
trespasser on another's property. The legal
term "Trespass" refers to wrongfully
entering, remaining on, or placing something
on another's land.
Triple
Net Lease
A lease in which the tenant pays all operating
expenses of the property being leased in addition
to rent. Typical expenses covered this type
lease include taxes, insurance, maintenance
and utilities. Also called a "NNN"
lease or "3N".
Triplex
A building or home consisting of 3 separate
apartment units. The building may be 3 stories
with one apartment on each separate floor.
Or each of the three apartments may occupy
a portion of all three floors.
Trust
A fiduciary relationship under which an independent
trustee, a third party, holds legal title
to a property for the beneficiaries of the
trust. He may not deal with the property as
his own but must deal with it in the best
interests of the beneficiaries.
Trust
Account
An account where money is deposited by one
for the benefit of another. The money is devoted
to a particular purpose and cannot or should
not be diverted for other purposes. Also known
as an Escrow account.
Trustee
A third party individual or business holding
legal title in trust for a beneficiary to
secure the performance of an obligation by
the trustor under a trust deed.
Truth-in-Lending
Act
A federal law that protects consumers such
as requiring lenders to fully disclose, in
writing, the terms and conditions of a mortgage,
including the APR and other charges.
