Taking – A common term for condemnation or any interference with the full use of private property rights, but it is not necessary that a physical seizure or appropriation takes place.
Tax Base – The assessed value of a real property that lies within a tax authority’s jurisdiction. The tax base is multiplied by the tax rate to determine the of real estate tax amount.
Tax lien – A statutory lien on a property for nonpayment of that property’s taxes.
Tax Roll – As defined by the government code the record listing the descriptions of all land parcels located within a county, the names of the owners and possibly those receiving the tax bill, assessed values, and tax amounts.
Tax Savings – The amount a person saves on taxes by itemizing their deductions on an income tax return.
Tenancy In Common (TIC) – Type of ownership whereby each of the multiple tenants (owners) holds and undivided interest in the property, with no right of survivorship. The interests may not be equal.
Tenant, Lessee – One who contracts through a lease agreement to rent real estate property from a landlord, owner or lessor and holds an estate by virtue of a lease.
Tenant At Will – One who holds a lease and rents property from an owner or landlord without any agreement as to the lease’s duration and with the right of either party to terminate the lease upon proper notice.
Tenant Improvement (TI) – A leased property’s improvements made by or for the tenant who stay with the property at the end of the lease.
Tenant Improvement (TI) Allowance – A fixed amount of money held in a fund by the landlord to be used toward any tenant improvements or expenses to physically improve the property to attract new tenants to new or vacated space which may include new improvements or remodeling. The tenant pays any of improvement expenses that exceed the fund amount. The fund may be paid into by the tenant, landlord, or both.
Tenant Mix – A mixture of different types of tenants, used to describe the quality of the income stream of a property. Institutional investors typically prefer a mixture of tenant types, including national credit tenants, regional credit tenants and local non-credit tenants.
Timeshare – A time limited ownership of the use of a vacation or resort property for a specific calendar period.
Title Search – An examination of all public records affecting a specific piece of property at the registry of deeds or other office which holds the title document records to determine if the seller is the recognized owner of the real estate and that there are no unsettled liens or other claims against the property.
Total Inventory – The total square footage of a various types of property within a certain geographical area, regardless of whether the property is vacant or occupied.
Total Retail Area – A retail center’s total floor area from which sales are generated, not including the common areas.
Trade Fixtures – Personal property that is attached to a structure that belongs to and is used in the business, which is removed upon the lease’s termination.
Triple Net Lease – A lease, commonly referred to as “NNN” lease or “3N”, where the tenant or lessee agrees to pay all real estate taxes, building insurance and common area maintenance on the leased property in addition to the normal fees, such as rent, that are expected in the agreement. The tenant or lessee is also responsible for all costs due to repairs or replacement of the structural building elements of the property.
Turn-Key Project – A construction project in which a third party is responsible for the building’s completion, or the construction of tenant improvements to the customized requirements and specifications of a future owner or tenant such that all the tenant or owner has to do is turn the key in the door and they are in business.