Dictionary
T
- tax rate
The number of dollars per $1,000 worth of actual value which is payable in property taxes.
- tax sheltering
The process of creating a taxable loss on an investment property, and applying such a loss to offset taxable income generated by another source.
- taxable income (loss)
Income (loss) reported for tax purposes. It is not to be confused with net income (loss). Net income (loss) is arrived at by the deduction of Depreciation Expense, whereas taxable income (loss) is calculated after the deduction of Capital Cost Allowance.
- taxable value
Actual value as determined by the Assessor. This value, in thousands of dollars, when multiplied by the Tax Rate equals the amount of real property taxes payable.
- tenancy agreement
Contract between the landlord and the tenant, pertaining to the letting of residential premises.
- tenancy at will
A tenancy where the tenant, with the consent of the landlord, occupies land as a tenant for a term which can be terminated by either party at any time.
- tenants in common
Where two or more persons acquire interests in a single property. Each may sell or bequeath their interest and in the event of death, their interest becomes a part of their estate.
- term
With respect to mortgages, a time period at the end of which the outstanding balance of a mortgage is due and payable; it represents the duration of the mortgage contract.
- terminal value
The value upon destruction of an asset.
- time clause
A clause contained in a contract for purchase or resale of land which allows a party to invoke a time period in which a condition precedent must be removed. A failure to remove the condition precedent within the time period would result in the termination of the contract.
- time share plan
A plan providing for the recurring use, occupation, or possession of real property to circulate on a periodic basis among persons in the plan.
- torrens land registration system
A system for registration of the actual title to land in order to provide security to those holding interests in land and to remove the need for retrospective investigation of titles to land.
- tort
A private wrong or injury, other than breach of contract, for which the court will provide a remedy in the form of an action for damages.
- total debt service ratio
The percentage of gross income which is the maximum amount that a mortgagor is allowed to pay annually in principal, interest and property taxes on all debts. Compare to Loan-to-Value Ratio. See also Ratio and Gross Debt Service Ratio.
- trade record sheet
A form required and approved by the Real Estate Council, which contains certain required information in respect to trades in real estate in relation to which a brokerage provides trading services.
- trespass
A legal term for wrongfully entering, remaining on, or placing something on another's land.
- triple net lease
A lease in which the tenant pays all operating expenses. See Net Lease.
- trust account
An account where money is deposited by one for the benefit of another. The money is devoted to a particular purpose and cannot or should not be diverted for other purposes.
- trust syndicate
Syndicate organization in which the investors hold real estate indirectly as beneficiaries under a trust agreement. Such a trust may be referred to as a Real Estate Investment Trust (REIT).
- trustee
Individual or business entity in whose name a trust is held.