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Taking
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A common synonym for condemnation, or any interference with private property rights, but it is not essential that there be physical seizure or appropriation.
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Tax Abatement
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The city of New York often offers developers tax breaks in the form of abatements in order to induce development in a particular area of the city. Most recently the wave of development in the downtown area has been spurred on by tax incentives offered by the city for the conversion of commercial space to residential housing.
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Tax base
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The assessed valuation of all real property that lies within a taxing authority's jurisdiction. When multiplied by the tax rate, it determines the amount of tax due.
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Tax Deductibility
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Each co-operative has a yearly number that reflects an amount that each individual shareholder is allowed to deduct from his/her personal taxes each year. This number will be in the form of a percentage. The number reflects the shareholders proportionate share of the building's underlying mortgage and the New York City real estate taxes paid in that particular year.
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Tax lien
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A statutory lien for nonpayment of property taxes that attaches only to the property upon which the taxes are unpaid
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Tax lien
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A lien placed against a property for nonpayment of taxes (property and/or personal)
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Tax roll
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A list or record containing the descriptions of all land parcels located within the county, the names of the owners or those receiving the tax bill, assessed values and tax amounts
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Tax service fee
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A fee collected to set up third-party monitoring of the borrower's property tax payments. This is done to ensure that the payments are made on time and to prevent tax liens from occurring to the detriment of the lender.
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Teaser rate
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A low, short-term interest rate offered on a mortgage to entice the borrower.
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Tenancy by the entirety
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Ownership by a husband and wife in which they together hold title to the whole property with right of survivorship.
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Tenancy in common
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A form of ownership in which two or more owners hold an undivided (though not necessarily equal) interest in the property, with no right of survivorship.
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Tenant (lessee)
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One who rents real estate from another and holds an estate by virtue of a lease
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Tenant at will
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One who holds possession of premises by permission of the owner or landlord. The characteristics of the lease are an uncertain duration and the right of either party to terminate on proper notice.
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Tenant improvement (TI)
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Improvements made to the leased premises by or for a tenant
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Tenant improvement (TI) allowance
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Defines the fixed amount of money contributed by the landlord toward tenant improvements. The tenant pays any of the costs that exceed this amount.
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Tenant mix
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A phrase used to describe the quality of a property's income stream. In multi-tenanted properties, institutional investors typically prefer a mixture of national credit tenants, regional credit tenants and local non-credit tenants.
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Term
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Each rental lease is for a duration of time. This period of time is called the term and will range from one month to a two or three years. Typically an unfurnished apartment will rent for a term of 12-24 months.
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Term
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The lifetime of a loan
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Terrace
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By definition, a terrace is a roof or part of a roof in a building. In Manhattan, terraces can be found when there is a setback on a high-rise. These terraces are also enjoyed for the private use of an individual apartment owner. We categorize a terrace as outdoor space. A terrace and balcony are often confused and the terms are used interchangeably.
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Timeshare
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Ownership that involves the acquisition of a specific period of time or percentage of interest in a vacation home or resort.
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Time-weighted average annual rate of return
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The constant annual return over a series of years that would compound to the same return as compounding the actual annual returns for each year in the series
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Title
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The means whereby the owner has the just and full possession of real property
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Title
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The legal document conferring ownership of a piece of real estate.
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Title 1
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An FHA-insured loan that allows a borrower to make non-luxury improvements (such as renovations or repairs) to their home; Title I loans less than $7,500 don't require a property lien.
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Title company
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A firm that ensures that the property title is clear and provides title insurance.
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Title Exam
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An examination of the public record to determine that the seller is the legal owner and there are no encumbrances (such as claims or liens) affecting the property.
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Title insurance
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Insurance that protects the lender against any claims that arise from arguments about ownership of the property; also available for homebuyers.
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Title insurance
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A policy issued by a title company that insures against loss resulting from defects of title to a specifically described parcel of real property, or from the enforcement of liens existing against it at the time the title policy is issued
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Title insurance
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A policy issued to lenders and buyers to protect against loss due to disputed property ownership at a later date.
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Title insurance binder
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A title insurance company's written commitment to insure title to the property subject to the conditions and exclusions shown on the binder.
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Title risk
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Possible impediments to the transfer of a title from one owner to another.
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Title search
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A check of public records to be sure that the seller is the recognized owner of the real estate and that there are no unsettled liens or other claims against the property.
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Title search
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A review of all recorded documents affecting a specific piece of property to determine the present condition of title
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Title search
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The process of reviewing all recorded transactions in the public record to determine whether any title defects exist that could interfere with the clear transfer of ownership of the property.
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Total acres
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All land area contained within a real estate investment
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Total assets
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The sum of all gross investments, cash and equivalents, receivables, and other assets presented on the balance sheet
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Total commitment
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The full mortgage loan amount that is obligated to be funded if all stated conditions are met
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Total expense ratio
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The percentage of monthly debt obligations relative to gross monthly income.
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Total inventory
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The total square footage of a type of property within a geographical area, whether vacant or occupied
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Total lender fees
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Fees required by the lender to obtain the loan, apart from other fees associated with transferring a property between buyer and seller.
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Total loan amount
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The base loan amount plus any financed closing costs.
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Total monthly housing costs
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The sum of principal, interest, property taxes and, if applicable, private mortgage insurance (PMI) and either hazard insurance or homeowners' association dues
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Total of all payments
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The total cost of the loan including repayment of the principal amount and the sum of monthly interest payments.
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Total principal balance
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The total amount of debt, including the original mortgage amount adjusted for subsequent fundings, principal payments and other unpaid items (e.g., interest) that are allowed to be added to the principal balance by the mortgage note or by law
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Total retail area
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Total floor area of a retail center less common areas. It is the area from which sales are generated and includes any department stores or other areas (such as banks, restaurants or service stations) not owned by the center.
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Total return
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The sum of quarterly income and appreciation returns
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Townhouse
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This type of structure was pre-eminent in the 1900s and up through the 1930s. The townhouse primarily built as private residences for its occupants with one family owning and occupying the entire structure. These structures were usually built in groups and were commonly referred to as row houses. They were built four to five stories high and enjoyed many common design elements. Typically, the houses were built with an English basement level (slightly below street grade) which housed the kitchen at the front of the building underneath the building stoop (or stairs) and was entered via a service entrance. At the rear of the first level was usually a Dining Room leading to the private garden. The second level, commonly referred to as the Parlor Floor was the garden floor and used for entertaining. Visitors entered the townhouse via the steps leading to this floor.
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Townhouse
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An attached home that is not a condominium.
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Trade fixtures
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Personal property that is attached to a structure that is used in the business. Because this property is part of the business and not deemed to be part of the real estate, it is typically removable upon lease termination.
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Trading down
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Buying a home that is less expensive than the one's current house.
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Trading up
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Buying a home that is more expensive than one's current house.
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Tranche
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A class of securities. CMBS offerings are generally divided into rated and unrated classes, or tranches, according to seniority and risk. Higher-rated tranches allow for internal credit enhancements; lower-rated classes offer higher yields.
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Trans Union Corporation
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One of the major credit reporting bureaus.
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Transfer tax
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An assessment by state or local authorities at the time a piece of property changes hands.
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Treasury Index
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An index used to determine interest rate changes for adjustable rate mortgages.
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Triple net lease
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A lease that requires the tenant to pay all expenses of the property being leased in addition to rent. Typical expenses covered in such a lease include taxes, insurance, maintenance and utilities.
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Triple-Mint
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This term refers to the condition of an apartment. In this case the 'triple' refers to the general condition of the apartment, the condition of the kitchen and the condition of the bathroom.
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Triplex Apartment
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An apartment that is spread out over three levels.
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Trustee
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The trustee oversees the flow of funds through the CMBS structure on behalf of the bondholders. The trustee is responsible for collecting principal and interest from the servicer, distributing payments to bondholders and reporting to bondholders.
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Truth-in-Lending
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A federal law obligating a lender to give full written disclosure of all fees, terms, and conditions associated with the loan initial period and then adjusts to another rate that lasts for the term of the loan.
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Turn key project
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The construction of a project in which a third party is responsible for the total completion of a building, or for the construction of tenant improvements to the customized requirements and specifications of a future owner or tenant
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Two-step mortgage
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An adjustable mortgage with two interest rates: one for the first five or seven years of the loan, and the other for the remainder of the loan term.
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