Real Estate Glossary
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TACKING:
Adding an extra period of time to the term of a contract.
TANGIBLE PROPERTY:
Assets that can be touched, that have a physical existence.
TAX:
1. To strain or push to the point of exhaustion.
2. To levy an assessment against, usually by government powers. Unpaid taxes usually form a special lien on property owned by the taxpayer, ahead of registered mortgages.
3. The money charged as an assessment.
TAX BASE:
The pool of property, value or income from which a government may draw assessments.
TAX HOLDBACK:
A Purchaser is required to hold back 33% of the purchase price in situations where the Vendor is not a resident of Canada unless the Vendor provides a Certificate from Revenue Canada.
TAX LIEN:
A claim registered against a property by a government authority for non-payment of assessed taxes.
TAX ROLL:
Also known as "assessment roll", the listing of all properties in a jurisdiction that are subject to taxation, including owners' names, assessed value of each property, municipal addresses, legal descriptions and assessment roll number.
TAX SALE:
Sale of property by a governmental body for non-payment of taxes, ether by tender or auction.
TAX-EXEMPT PROPERTY:
A property that is not subject to realty taxes.
TEASER RATE:
A lower interest rate charged on an adjustable or variable rate mortgage for a brief, introductory period as an inducement to the borrower to accept the loan from the lender.
TENANCY:
The right to use and occupy all or part of a property under a rental agreement.
TENANCY FOR LIFE:
See "life estate".
TENANCY FOR YEARS:
Form of tenancy created by a written agreement in which the tenant has the right to occupy the premises for a stated period of time.
TENANCY FROM YEAR TO YEAR (MONTH TO MONTH):
A form of tenancy in which the tenant's right to occupy the premises lasts for a stated period of time but may be extended by mutual consent for another period.
TENANCY IN COMMON:
Ownership of property in which several owners each own a stated portion of the property (a percentage). Each owner may deal with her portion of the property as she wishes (giving it away, mortgaging it, selling it, bequeathing it, etc.) and, upon her death, her share becomes part of her estate.
TENANCY IN SEVERALTY:
Ownership of property by a single person.
TENANT FIXTURES:
Items added to a leased premises by a tenant that might normally be considered fixtures (and, therefore, part of the premises) but that, by contract or law, the tenant is entitled to remove at the end of the lease period.
TENANT IN COMMON:
A person who owns property with one or more others, where each owns a stated portion of the property and is free to deal with his portion as he wishes.
TENDER:
1. To deliver payment or an item one is obliged to deliver;
2. To produce evidence of one's ability to meet one's obligations under a contract for the purposes of preserving one's right to sue another party to the contract who is not able to carry out the contract.
TENEMENTS:
1. A legal word for a property or fixed asset (see dominant or servient tenement regarding easements).
2. Term for units in an aging apartment complex or building.
TENURE IN LAND:
The fashion in which an owner holds title to land.
TERM LOAN:
A loan that comes due on a given date, often before the periodic payments would pay the loan out.
TERM, AMORTIZATION:
Term: The period of time during which the loan contract is active, during which the borrower makes periodic payments to the lender and at the end of which the balance of the loan becomes due and payable.
Amortization: The period of time after which, if all periodic payments are made on time and in full, the loan will be paid out. Term may not be the same as amortization: a normal mortgage may be amortized over 25 years with just a five year term at which time the borrower has to refinance.
TERMITE CLAUSE:
A term in an Agreement for sale which allows the Purchaser to inspect for termites. If any are found, the Vendor may be required to treat the problem or the Purchaser may rescind. Many clauses now refer more generally to "wood-damaging or destroying insects".
TERMITE INSPECTION:
The examination of a building for wood destroying insects.
TERMS:
The various clauses that make up a contract. Sometimes used to described the financial portions of the contract only.
TESTAMENT:
Another word for a will.
TESTAMENTARY DISPOSITION:
The transfer of ownership of an asset by way of a will.
TESTATE:
To die leaving a valid Will. Opposite of "intestate".
TESTATOR (TESTATRIX):
The person who makes a will.
TESTIMONIUM:
The clause in a legal instrument that sets out the date and other information regarding the |