tacking
1) Adding a period of time onto another. For example: Adding periods of possession to add up to enough time for successful adverse possession. 2) Attaching a lien to a superior lien in order to gain the priority over an intermediate lien.

take out commitment
Agreement by a lender to provide permanent financing following construction of a planned project.

take out loan
The long term financing of a real estate after completion of the project.

tax lien
A lien placed on a property for nonpayment of taxes. Attaches only to the property upon which the taxes are unpaid.

tax shelter
Tax advantages such as deductions for property taxes, maintenance, mortgage interest, insurance, and especially depreciation, which gives the owner certain tax advantages. An investment that offers income tax savings is called a tax shelter. A tax shelter acts as a form of tax incentive for any property that gives an investor the opportunity to claim losses or other deductions, or obtain benefits such as tax credits or revenue guarantees that over a stipulated period, are more than the amount the investor paid for the property.

technology park
A landscaped development usually comprising high specification office space, laboratories, high technology engineering services and research and development facilities. It may include residential and retail developments, designed to encourage localization of high technology companies such as information technology, software development etc., thereby giving each the benefit of economies of scale. Usually, technology parks are located outside the inner city areas as these are quite land intensive in nature.

tenancy
1) The right and the period of possession of real estate by ownership or rental. <br>2) (MYS) A rental agreement for a period not exceeding three years and not required to be registered on the title.

tenant
Anyone, including a corporation, who rents real property, from the owner (called the landlord). The tenant may also be called the “lessee.”

tenant for life
A tenant who holds the lease for the entire tenure of his life.

tenant improvements
Changes, typically to a property, to accommodate specific needs of a tenant. The cost of such improvements may be borne by the landlord or shared by both, the tenant and the landlord as may be agreed upon by the two.

Tenant Representative (TR)
Agent who acts on behalf of a tenant, mainly in securing new rental accommodation and negotiating rental terms and reviews with the landlord.

tender
1) An offer of money or service in payment of an obligation. 2) A written offer to contract goods or services at a specified cost or rate; a bid.

tenure
The length of time or condition under which something, such as a piece of property, is held. The duration of ownership rights.

term
The period of time during which something is in effect. A stated number of years. A condition specified in an agreement.

term mortgage
A mortgage where the interest is paid during the term and the total principal amount is to be paid in lump sum at maturity.

terminate
Come to an end, conclude, cease, expire or lapse.

termination
The legal right of the lessee/licensee to vacate the demised premises and terminate the agreement. The right to termination of lease/license is described in detail in the agreement.

third party
One who is not directly involved in a transaction or contract but may be involved or affected by it.

time is of the essence
Legal term which sets the time period within which a contract or certain Acts specified under a contract have to be executed.

time-sharing
Ownership for a specific period of time, of a property, by several persons. Applicable to condominiums and resorts. For example a unit or apartment in a resort may be sold to 12 persons or entities where each is given the right to the unit for a period of one month every year. Weekly ownership is the most common period of time share.

title
The legal right of an ownership interest in a property. Legal document which shows ownership of a piece of real estate.

title company
Firm that provides insurance of a clear title once it completes its search for liens.

title insurance
The policy that is issued to protect against loss due to a dispute in property ownership.

title search
The reviewing, of all recorded transactions in the public record, to discover any title defects, which could interfere with the transfer of ownership of a property.

topographical survey
A survey of an area by mapping the physical features of the region.

topography
Art of mapping the physical features of a region. The topography describes the characteristics of an area, such as its contours, flatness, mountains, etc.

tort
Damage, injury, or a wrongful act done willfully, negligently, or in circumstances involving strict liability, but not involving breach of contract, for which a civil suit can be brought.

total occupancy cost
A tenant’s total expenditure on its premises.

townhouse
A dwelling unit, generally having two or more floors plus a garage and is attached to other similar units via party walls. Such dwellings are typically found in condominiums and cooperatives or as part of a planned unit development.

tract
A parcel of land generally held for subdividing and development into residential units.

trade fixtures
Articles of personal property installed in rented buildings by the tenant to help carry out a trade or business. Trade fixtures are removable by the tenant before the lease expires and are not true fixtures.

traffic count
The number of pedestrians or vehicles moving past a given point in a given period of time. The traffic count of pedestrians entering a shopping mall is an indication of its popularity and patronage. The higher the figure, the higher the potential for shopper spending in the shopping mall.

traffic density
Usually expressed as vehicles per kilometer or mile of road, a survey of traffic moving across a portion of road at a given point of time.

transaction costs
Taxes, legal fees and other costs incurred in transacting property.

transfer tax
An assessment and imposition of tax by state or local government when a piece of property changes hands.

transparency (market)
Degree of clarity regarding the operation of financial, legal, tax and other systems in a market.

triple a grade
The highest specification of building available in the market.

triple net
A lease where the lessee has to pay all expenses of the property leased including maintenance, in addition to a fixed rent.

trust
A legal arrangement by which a person or entity (the trustee) has legal control over certain property (the trust property or trust corpus), but is bound by fiduciary duty to exercise that legal control for the benefit of someone else (the beneficiary), according to the terms of the trust and the law. Thus, in a trust the legal ownership that the trustee has is split from the equitable or beneficial title that the beneficiary has. The trustee holds only the bare legal title to the property.

trust account
Special account that is used to safeguard the funds of a buyer or seller.

trust deed
Legal term which sets the time period within which a contract or certain Acts specified under a contract have to be executed.

trustee
1) One, such as a bank, that holds legal title to property in order to administer it for a beneficiary. 2) A member of a board elected or appointed to direct the funds and policy of an institution. 3) A country responsible for supervising a trust territory.

trustee in bankruptcy
Person selected by a judge or creditors of a bankrupt individual to handle matters including the sale of the bankrupt’s assets, management of the funds from the sale of those assets, payment of expenses, and distribution of the balance to creditors. The trustee is usually compensated with a specified percentage of the liquidation sale.

trustee’s sale
A foreclosure sale conduced by a trustee under the stipulations of a deed of trust.

turn key
A development in which a developer completes the entire project on behalf of a buyer. All the new tenant or owner has to do is “turn the key” to the apartment or office in a newly constructed building because everything is completed and ready for occupancy.

turnover
1) The number of times a particular stock of goods is sold and restocked during a given period of time. 2) The amount of business transacted during a given period of time. 3) The number of workers hired by an establishment to replace those who have left in a given period of time. 4) Gross revenue or total sales of a business entity.

turnover rent
A rent that is calculated as a percentage of the turnover of the lessee’s business. Often used in leases of shop space for major chain stores in a shopping mall. Usually, the turnover rent is applied in addition to a base rent or is structured to take effect when the lessee’s turnover reaches a certain figure mutually agreed between the landlord and the lessee.