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Taking | A common synonym for condemnation or eminent domain.
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Tax Base | Assessed valuation of real property, which is multiplied by the tax rate to determine the amount of tax due.
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Tax Lien | (i) A lien for nonpayment of property taxes. Attaches only to the property upon which the taxes are unpaid. (ii) A federal income tax lien. May attach to all property of the person owing the taxes.
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Tax Roll | A list containing the descriptions of all parcels in the county, the names of the owners (or those receiving the tax bill), assessed values and tax amounts.
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Tenant | (i) A holder of property under a lease. (ii) Originally, one who had the right to possession, irrespective of the title interest.
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Tenant At Will | One who holds possession of premises by permission of the owner or landlord, but without agreement for a fixed term.
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Tenant Improvements | Improvements to land or buildings to meet the needs of tenants. May be new improvements and may be paid for by the landlord, the tenant, or shared. See Also: Leasehold Improvements
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Time Is Of The Essence | Clause used in contracts to bind one party to performance at or by a specified time in order to bind the other party to performance.
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Title | The means whereby one has just and full possession of real property.
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Title Insurance | Insurance against loss resulting from defects of title to a specifically described parcel of real property. Defects may run to the fee (i.e. chain of title) or to encumbrances.
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Title Search | A review of all recorded documents affecting a specific piece of property to determine the present condition of title.
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Total Inventory | Total square footage of rentable office or industrial space, vacant and occupied, ready for tenant finish. Includes owner-occupied space.
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Trade Fixtures | Personal property used in a business and attached to a structure, but removable upon sale because it is deemed to be part of the business, not of the real estate.
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Triple Net (NNN) Rent | Rent stipulated in a lease in which the tenant agrees to pay a share of the landlord's operating expenses or real estate taxes for the building proportionate to the amount of space it occupies. See Also: Full Service Rent
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Turn Key Project | A project in which the developer is responsible for the total completion of a building (including interior design and construction) or demised premises to the customized requirements of a future owner or tenant.
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California DRE #01183885