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- Tax liability
- Real estate taxable income multiplied by the tax rate.
- Tax lien
- An impediment placed against a property, such as back taxes.
- Tax sale
- The public sale of a property by the government for nonpayment of taxes.
- Tax shelter
- A term often applied to real estate investments that refer to various tax advantages.
- Tenant
- A person or entity that has possession of a property through a lease. See lessee.
- Tenant improvements (TI)
- Preparation of leased premises prior to or during a tenant’s occupancy, which may be paid for by the landlord, tenant, or both.
- Tenant-paid tenant improvements (TPTI)
- The total cost (outlay) of necessary tenant improvements paid by the tenant netted against any allowance provided by the landlord.
- Tenants in common
- Two or more owners who share interest in a specific property.
- Term Beginning
- States when the tenant begins to owe rent.
- Term Length
- Specifies the effective period for the lease.
- Theme/festival center
- A retail center that typically employs a unifying theme carried out by individual shops in their architectural design and, to an extent, in their merchandise. The biggest appeal of theme/festival centers is to tourists; restaurants and entertainment facilities can anchor them. Generally located in urban areas, these centers tend to be adapted from older, sometimes historic, buildings and can be part of mixed-use projects.
- Time value of money (TVM)
- An economic principal recognizing that a dollar today has greater value than a dollar in the future because of its earning power.
- Title
- The actual legal document conferring ownership of a piece of real estate.
- Title company
- Firms that ensure that the title to a piece of property is clear and provide title insurance.
- Title insurance
- A policy issued to lenders and buyers to protect any losses because of a dispute over the ownership of a piece of property.
- Title risk
- Possible impediments to the transfer of a title from one owner to another.
- Title search
- A check of public title records to ascertain that the seller is the legal owner and that there are no claims or liens against the property.
- Total effective rate
- The rate per square foot the tenant pays over the entire period analyzed. It is calculated by dividing the total effective rent by square feet rented.
- Total effective rent
- The total dollar amount that the tenant will actually pay out over the entire period analyzed.
- Total employment
- The total number of actively employed people in the workforce within a given geographic area at a particular point in time.
- Total expense ratio
- The percentage of monthly debt obligations relative to gross monthly income.
- Townhouse
- An attached home that is not a condominium.
- Trade area
- An area delineated by a central or dominant location, comprising a zone that depends on production output from that location to meet internal demand, whose outermost boundaries are defined in terms of the presence or absence of interactions with that central or dominant location. For example, a localized area over which some specific activity or transaction takes place.
- Trade equity
- Other real estate or assets a buyer gives to a seller as part of the down payment.
- Transfer of ownership
- Any legal means by which a piece of real estate changes hands.
- Transfer tax
- The state or local tax paid when title passes from one owner to another.
- Treasury bills
- Securities issued by the Treasury Department that have the full backing of the U.S. government.
- Treasury index
- An index used to determine interest rate changes for adjustable rate mortgages.
- Triple Net Lease (NNN)
- A Lease that requires the tenant(s) to pay property expenses such as taxes, insurance, maintenance, utilities, etc.
- Trust account
- Special accounts used by brokers and escrow agents to safeguard funds for a buyer or seller.
- Trustee
- A legally authorized person who holds or controls a piece of property for another person.
- Truth-in-Lending Act
- A federal law that protects consumers in a variety of ways. One of its key provisions allows a consumer to cancel a home-improvement loan, second mortgage or other loan if the home was pledged as security (except for a first mortgage or first trust deed) until midnight of the third business day after the contract was signed.
- Two-step mortgage
- 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.
- Two-to-four unit property
- A property that is owned by one entity but provides housing for up to four households.
Some definitions come from the Certified Commercial Investment Member Institute (CCIM).
