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Real Estate Terms - T

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Take-out Commitment

Agreement by a lender to have available a long-term loan over a specified time once construction is completed.

 

Sat Dec 22 2007
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Tax Base

The assessed value multiplied by the tax rate to determine the amount of tax due.

 

Sat Dec 22 2007
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Tax Sale

A sale of property, usually at auction, for nonpayment of taxes assessed against it.

 

Sat Dec 22 2007
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Tenancy in Common

Ownership by two or more persons who hold an undivided interest without right of survivorship.

 

Sat Dec 22 2007
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Tenant

The holder of real property under a rental agreement. Also referred to as a lessee.

 

Sat Dec 22 2007
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Tender

An offer of money, usually in satisfaction of a claim or demand

 

Sat Dec 22 2007
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Tenements

(1) All rights in land that pass with the conveyance of the land. (2) Certain groups of multiple dwellings.

 

Sat Dec 22 2007
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Testator

A person who leaves a legally valid will at death.

 

Sat Dec 22 2007
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Tight Money

A condition in the money market in which demand for the use of money exceeds the available supply.

 

Sat Dec 22 2007
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Time-share

Shared ownership wherein the owners are allowed limited use of a property.

 

Sat Dec 22 2007
Views: 1


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