Panama City Real Estate - Glossary Index

Panama City Real Estate

Glossary - T

T-bar

A chart used to summarize the timing of real estate cash flows.

Tax liability

Real estate taxable income multiplied by the tax rate.

Tenancy at Will

A license to occupy or use lands and buildings at the will of the landlord.

Tenancy by the entirety

A type of joint tenancy of property that provides right of survivorship and is available only to a husband and wife. Contrast with tenancy in common.

Tenancy in common

A type of joint tenancy in a property without right of survivorship. Contrast with tenancy by the entirety and with joint tenancy.

Tenant

A person or entity who has possession of the property though a lease. A tenant also may be referred to as a lessee.

Tenant Improvements

Work done on the interior of a space, can be paid for by landlord, tenant, or some combination of both, depending on the terms of the lease.

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.

Tenant-stockholder

The obligee for a cooperative share loan, who is both a stockholder in a cooperative corporation and a tenant of the unit under a proprietary lease or occupancy agreement.

Tenants at Sufferance

An individual who comes to possess land via lawful title and keeps it in perpetuity without any title.

Theme/festival center

These retail centers typically employ a unifying theme that is carried out by the individual shops in their architectural design and, to an extent, in their merchandise. The biggest appeal of these centers is to tourists; restaurants and entertainment facilities can anchor them. These centers, generally located in urban areas, tend to be adapted from older, sometimes historic, buildings and can be part of mixed-use projects.

Third-party origination

A rocess by which a lender uses another party to completely or partially originate, process, underwrite, close, fund or package the mortgages it plans to deliver to the secondary mortgage market. See Tie-in Arrangement

A contract where one transaction depends upon another transaction.

Time value of money (TVM)

An economic principle recognizing that a dollar today has greater value than a dollar in the future because of its earning power.

Title

A legal document evidencing a person's right to or ownership of a property.

Title company

A company that specializes in examining and insuring titles to real estate.

Title insurance

Insurance that protects the lender (lender's policy) or the buyer (owner's policy) against loss arising from disputes over ownership of a property.

Title search

A check of the title records to ensure that the seller is the legal owner of the property and that there are no liens or other claims outstanding.

Tort

A wrongful act or violation of a legal right for which a civil action will lie.

Total effective rate

The rate per square foot paid by the tenant over the entire period analyzed

Total effective rent

The total dollar amount (cash flow) that the tenant actually will 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

Total obligations as a percentage of gross monthly income. The total expense ratio includes monthly housing expenses plus other monthly debts.

Trade area

An area delineated about a central or dominant location, comprising a zone that is dependent upon 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). Note that in central place theory context, the terms trade area and range are used interchangeably. Also see range.

Trade equity

Equity that results from a property purchaser giving his or her existing property (or an asset other than real estate) as trade as all or part of the down payment for the property that is being purchased.

Transfer of ownership

Any means by which the ownership of a property changes hands. Lenders consider all of the following situations to be a transfer of ownership: the purchase of a property "subject to" the mortgage, the assumption of the mortgage debt by the property purchaser and any exchange of possession of the property under a land sales contract or any other land trust device. In cases in which an inter vivos revocable trust is the borrower, lenders also consider any transfer of a beneficial interest in the trust to be a transfer of ownership.

Transfer tax

State or local tax payable when title passes from one owner to another.

Treasury index

An index that is used to determine interest rate changes for certain adjustable-rate mortgage (ARM) plans. It is based on the results of auctions that the U.S. Treasury holds for its Treasury bills and securities or is derived from the U.S. Treasury's daily yield curve, which is based on the closing market bid yields on actively traded Treasury securities in the over-the-counter market. See adjustable-rate mortgage (ARM).

Triple Net Lease

A lease requiring tenants to pay all utilities, insurance, taxes, and maintenance costs.

Truth-in-Lending

A federal law that requires lenders to fully disclose, in writing, the terms and conditions of a mortgage, including the annual percentage rate (APR) and other charges.

Two-step mortgage

An adjustable-rate mortgage (ARM) that has one interest rate for the first five or seven years of its mortgage term and a different interest rate for the remainder of the amortization term.

Two- to four-family property

A property that consists of a structure that provides living space (dwelling units) for two to four families, although ownership of the structure is evidenced by a single deed.

Trustee

A fiduciary who holds or controls property for the benefit of another.

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