Real Estate Glossary

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T

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 period to establish a claim of adverse possession.

taxation

The process by which a government or municipal quasi-public body raises monies to fund its operation.

tenancy by the entireties

is a special ownership created for husband and wife. In a tenancy by the entireties, both the husband and wife own 100% of the property. The marital partners must take title at the same time and through the same deed. Some states require specific verbiage to be included in the deed. This form of ownership is not recognized by all states and is not available in Georgia.

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tenancy in common

ownership in real estate by two or more people. Each person owns a separate and divisible interest in the property that will be inherited by their heirs upon death unless directed otherwise by a will. Ownership as tenants in common is the default estate should the deed conveying title not specifically provide for another type.

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tenant compatibility

A manager must make sure that a certain place is suitable for a tenant in location, size, and amenities. The manager should also make sure the tenant is able to pay for the space. Tenant compatibility is simply making sure the tenant is a good choice for the space you are managing.

tenant improvements

Also called construction allowance, it is money to a lessee from the lessor to cover the cost, partially or in all, of preparing a structure for the lessee's occupancy. This could include costs for partitions, wiring, lighting, and standard carpeting.

testate

refers to the status of a deceased and their estate when a will exists. When a person dies with a will, they are said to die testate.

testator

is the man who makes a will, testatrix if a female.

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Tie-in arrangement

Offering products together as part of a package. For competitive purposes, a monopolist may use forced buying, or "tie-in" sales, to gain sales in other markets where it is not dominant and to make it more difficult for rivals in those markets to obtain sales.

time-share

is a form of ownership that allows access or occupancy for only a designated or specific time period.

title

rights of an owner to an estate or real property. A record that establishes the rights of ownership.

title insurance

is purchased by mortgage companies or lenders when securing a loan to insure that the title is free from reasonable doubt as to who the true owner is; free from the probable claims of others.

Real estate professionals should advise their clients that the insurance issued at closing is for the benefit of the lender not the homeowner. A separate policy would be required to be purchased for the homeowner.

title search

the process of verifying the ownership of real estate.

Title theory

The mortgagor actually gives legal title to the mortgagee and retains equitable title.

Title VIII of the Civil Rights Act of 1968

Protections against discrimination against classes of race, color, religion, or nation origin. Federal prosecution was also added when threats, force, or violence was used against a protected class or persons seeking to help those individuals. Title VIII is commonly known as the Fair Housing Act.

Torrens system

system for the registration of real estate which requires the issuance of "certificate of title" by the government that conclusively establishes the property’s ownership. It is available in only a handful of states – Georgia being one of them – however, it is rarely used.

townhouse

is a manufacturing style of real estate housing usually having a shared common wall between two units. It is not a form of ownership.

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trade fixture

any item added or installed by a tenant of a lease to the real property that is removed by the tenant prior to the end of the lease.

transfer tax

A fee paid for the privilege of transferring ownership of the property. The tax rate in GA is $.10 for each $100 (or fraction thereof) of price paid minus any assumed mortgages.

transferability

is one of the four essential characteristics that must be present for any product to have value. Transferability refers to the ability to transfer the unrestricted use or ownership of the product to another individual. Without this quality, there would be limited or no “exchange value” potential for the product.

The four essential characteristics or elements of value are: Demand, Utility, Scarcity, and Transferability – a useful tool to remember them is the acronym DUST.

trigger terms

are items that if included in any advertising which entices a borrower must disclose additional information to protect the consumer per Regulation Z.

Such terms include: credit terms, down payment, monthly payment, dollar amount of the finance charge, or term of the loan.

triple net lease

is a contract between landlord and tenant that shifts part of the cost of ownership to the tenant. In a triple net lease, the tenant will pay rent plus the tenant’s share of property taxes, insurance, and common area maintenance (CAM) on the building.

trust

is a fiduciary arrangement used to transfer ownership of real or personal property to a trustee to be held and/or administered on behalf of the beneficiary. The person who creates the trust is called the trustor.

trust fund account

An account set up by a broker, attorney, or other agent at a bank or other recognized depository, into which the broker deposits all funds entrusted to the agent by the principal or others; also call and earnest money or escrow account.

trustee's deed

A deed executed by a trustee conveying land held in a trust.

Truth-in-Lending Act

the federal government regulation designed to protect consumers in credit transactions by requiring clear disclosure of key terms of the lending arrangement and all true costs.

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