TAKE-OUT FINANCING - Long-term permanent financing.
TAX LIEN - A general statutory lien imposed against real
property for failure to pay taxes.
TAX SHELTER - A phrase often used to describe some of the tax
advantages of real estate investment, such as deductions for
depreciation, interest, taxes, etc., which may offset the
investor's other ordinary income to reduce the investor's tax
payment.
TENANCY AT SUFFERANCE - A tenancy which exists when a tenant
wrongfully holds over after the expiration of a lease, without
the landlord's consent, as where the tenant fails to surrender
possession after termination of the lease.
TENANCY AT WILL - A tenancy in which a person is in possession
of real estate with the permission of the owner, for a term of
unspecified or uncertain duration, as when an owner permits a
tenant to occupy a property until it is sold.
TENANCY BY THE ENTIRETY - A special joint tenancy between a
lawfully married husband and wife, which places all title to the
property into the marital unit, with both spouses having an
equal, undivided interest in the whole property.
TENANCY FOR YEARS - A less-than-freehold estate in which the
property is leased for a definite, fixed period of time, be it
for 60 days or any fraction of a year, a year, ten years, etc.
TENANCY 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; frequently found when the
parties acquire title by descent or by will.
TENANCY IN SEVERALTY - Ownership of property vested in one
person alone, and not held jointly with another; also called
Several Tenancy or Sole Tenancy.
TENANT - In general, one who holds or possesses property, such
as a life tenant or a tenant for years; commonly used to refer
to a lessee under a lease.
TIME SHARING - A modern approach to communal ownership and use
of real estate which permits multiple purchasers to buy
undivided interests in real property (which is usually in a
resort condominium or hotel) with a right to use the facility
for a fixed or variable time period.
TITLE INSURANCE - A comprehensive contract of indemnity under
which the title company agrees to reimburse the insured for any
loss if title is not as represented in the policy.
TITLE SEARCH - An examination of the public records to determine
what, if any, defects there are in the chain of title.
TOWNHOUSE - A type of dwelling unit normally having two floors,
with the living area and kitchen on the base floor and the
bedrooms located on the second floor.
TOWNSHIP - A piece of property, used in the government survey
system of land description, which is 6 miles square, and
contains36 sections, each 1 mile square; and consists of 23,040
acres.
TRADE FIXTURES - Articles of personal property annexed to leased
premises by the tenant, as a necessary part of the tenant's
trade or business.
TRIPLE NET LEASE - A net, net, net lease, where in addition to
the stipulated rent, the lessee assumes payment of all expenses
associated with the operation of the property.
TRUST DEED - A real property security device (also called a deed
of trust) very similar to a mortgage, except that there are
three parties, the trustor, the trustee, and the beneficiary
(the lender).
TRUST FUND ACCOUNT - An account set up by a broker at a bank or
other recognized depository, into which the broker deposits all
funds entrusted to him by his principal or others.
TURNKEY PROJECT - A development term meaning the complete
construction package from ground breaking to the completion of
the building. All that is left undone is to turn over the keys
to the buyer.
List a Spanish Fork Utah Home
