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“T” INTERSECTION – A roadway pattern where one street meets, but does not cross over another.

 

TAKE-OUT LOAN - The loan arranged by the owner or builder/developer for a buyer. The construction loan made for construction of the improvements is usually paid off from the proceeds of this loan.

TAKING - See "Regulatory Taking."

TAX CERTIFICATE - A written statement by the County Treasurer of the taxes due on a particular property.

TAX DEED (TREASURER'S DEED) - A conveyance by the County Treasurer of property for which the taxes were not paid by the owner, and which was sold at tax sale at least three years previously.

TAX-FREE EXCHANGE - An exchange of one income property for another, thereby avoiding, at time of the exchange, capital gains liability to the extent that the values of the properties exchanged are equivalent. See: 1099 exchange.

TAX SALE - Sale of property by the County Treasurer for the nonpayment of general or special property taxes.

TEMPERATURE - The measure of the intensity of heat that an area possesses.

TEMPORARY BARRICADE - Typically a rough wood framed structure varying in height from 48” to 8’ used to partition off / separate the construction area from the general public areas. Companies specialize in barricade construction. 

TEMPORARY FENCING - Chain link fence ranging from 6’ – 10’ in height usually on temporary posts not installed into the ground to partition off a construction area. Typically used on exterior site work projects to protect the safety of the general public.

TEMPORARY SIGN – Any exterior sign, banner, pennant or other advertising display intended to be displayed for a short period of time. Usually includes: A-Frame signs, Balloon signs, garage sale/yard sale signs, real estate signs, etc.

TEMPORARY UTILITIES - Temporary set up of electric, heat, water and sanitary lines.

TEMPORARY BUYDOWN – A Starting rate well below the “note rate” (the index plus margin) on an ARM.

TENANT - An individual or company that occupies space, under the terms and conditions of a lease agreement (see: Lessee).

TENANT-AT-SUFFERENCE - Is a tenant who has stayed beyond the termination of their lease. (See: Holdover).

TENANT-AT-WILL - A tenant who holds occupancy for an unknown amount of time (“Month to month”). Usually has the landlord’s approval.

TENANT IMPROVEMENTS (TI’s) - Usually refer to the improvements to be done to a space to make it ready for the new tenant’s occupancy. It can also mean improvements being done by a tenant.

TENANT IMPROVEMENT ALLOWANCE (TIA) - This is the amount of money the landlord is willing to contribute for the build-out of the tenant’s space. It is usually quoted as x amount of dollars per rentable or usable square feet.

TENANT EVICTION - Landlord sues to remove tenant from the leased premises, usually due to non-payment or non-conformity to the rules and regulations of the property.

TENANT'S LEASE - Any lease giving the tenant more rights than the landlord.

TENANT'S MARKET - Normally refers to a weak real estate rental market. Slow leasing activity and lots of space available throughout the entire market.

TENANT REPRESENTATIVE - Any Broker or representative exclusively representing the rights of a tenant during the course of a transaction.

TENANT SERVICES - Those services provided to the tenant by the landlord, under the terms and conditions of the lease (Property maintenance, landscaping, etc.).

TENANCY IN COMMON - Ownership by two or more persons who hold undivided interests, without right of survivorship; interests need to not be equal. A type of co-ownership of real property; a holding of an estate in land by two or more persons, each being entitled to possession of the property according to his proportionate share; distinct from a joint tenancy in that there is no right of survivorship in a tenancy in common.

TENANT BY THE ENTIRETIES - Under certain state laws, ownership of property acquired by husband and wife during marriage which is jointly owned. Upon death of one spouse, it becomes the property of the survivor.

TENTATIVE MAP - The Subdivision Map Act requires sub dividers to submit initially a tentative map of their tract to the local planning commission for study. The approval or disapproval of the planning commission is noted on the map. Thereafter, a final map of the tract embodying any changes requested by the planning commission is required to be filed with the planning commission.

TENURE IN LAND - The mode or manner by which an estate in lands is held.

TERM – A designated period of time of a loan or a lease.

TESTATE - When a person dies leaving a will. The estate or condition of leaving a will at death; "To die testate."

TESTATOR - One who makes or has made a testament or will. One who leaves a will in force upon their death.

THERMIDISTAT - Highly sophisticated programmable thermostat that senses the outdoor temperature, indoor air temperature, and indoor relative humidity. A microprocessor communicates with the heating and cooling equipment to determine the most efficient way to achieve perfect comfort. When used with a variable speed blower motor, this cite can reduce humidity even when cooling isn't necessary (as when the indoor temperature is 70 degrees but relative humidity is high, eg, when it's raining).

THERMOSTAT – An electrical or mechanical device, consisting of sensors and/or relays, designed to control an HVAC system and the temperature of a specific enclosed area.

THREE-PHASE - A wiring system that consists of 4 wires and used in industrial and commercial applications. The system is suitable for installations requiring large compressors or motors and consists of three “hot” wires and one “ground” wire. The voltage in each hot wire is out of phase with the others by 1/3 of a cycle (as if produced by 3 different generating sources).

THRESHOLD –1). The raised member at the base of a door jamb, the purpose is to provide a divider between the dissimilar flooring materials or to serve as a environmental barrier. 2). Large or important legal issues that are in opposition to a parties wants, needs or wishes.

THROUGH-PENETRATION FIRE STOP - A designed system that seals through-penetrations to make them fire-resistant.

THROUGH-PENETRATIONS (Chases) – Engineered penetrations through walls, floors and/or ceilings that allow the passage of pipes, cables, electrical conduits or cables, etc.

THRIFT – Another name for a savings association, financial institution established primarily for savings and providing mortgage loans.

TIME IS OF THE ESSENCE - One of the essential requirements of a binding contract; contemplates a punctual performance.

TITLE – The ownership record of property. The evidence of rights that a person has to their ownership and possession of land. Commonly considered as a bundle or history of rights. Evidence that owner of land is in lawful possession thereof, and instrument evidencing such ownership.

TITLE DEFECT - Any legal or asserted right held by others to claim property or to make demands upon the owner.

TITLE INSURANCE - A policy of insurance, which indemnifies the holder against loss sustained by reason of a defect in the title, provided the loss does not result from a defect excluded by the policy provisions. Insurance against loss or damage resulting from defects or failure of title to a particular parcel of real property.

TITLE REPORT - A report, which discloses the condition of the title to a parcel of real property, made by a title company preliminary to issuance of title insurance.

TITLE SEARCH - An examination of public records to disclose the current facts regarding ownership of real estate.

TONNAGE - An air-conditioning “ton” equals 12,000 Btu’s (British Thermal Units) per hour. That means a five (5) ton HVAC unit can remove about 60,000 Btu’s of heat per hour.

TOP PLATE – The top horizontal member of a frame wall.

 

 

 

TOPOGRAPHY – The nature of the surface of land; topography may be level, rolling, or mountainous.

TORRENS SYSTEM - A system by which real property is registered and a Torrents Certificate is issued to the owner of real property. The certificate is the owner's evidence of title. A system by which the registrar of Torrents keeps and maintains title records pertaining to real property located in the County.

TORT - A negligent or intentional wrong doing for which the law will grant money damages to the damaged party in a civil action.

TOWN BOARD - See "Local Legislature."

TOWNSHIP - A division of territory 6 miles square, containing 36 sections or 36 square miles.

TRACT - An area or piece of land.

TRADE AREA – A defined geographic area where a large percentage (usually 80%) of a particular businesses’ customers come from – minus transient traffic. A Trade Area is relative to every business, where a suburban QSR (Quick-Service Restaurant– or Fast Food Restaurant) may have a primary trading area of one to three miles, a Trade Area of a national retailer (i.e. Macy’s) may be upwards of ten miles. Understanding your particular Trade Area is imperative to responsible site selection.

TRAFFIC BARRIER - An impediment, whether physical or psychological, that prohibits or restricts vehicular or pedestrian traffic flow or movement through an area (i.e., a river, interstate or even an undesirable area). Also often referred to as a “Barrier”.

TRAFFIC COUNT – The recording of either vehicles or pedestrians passing a given point. Usually recorded as a daily number and often referred to as “ADT” or Average Daily Traffic.

TRAFFIC GENERATOR – a use (or uses) that drive potential customers to a particular area.

TRAFFIC VOLUME - The number of verhicles using a roadway. Usually reported in average counts taken over a 24 hour period and may reference a specific direction or both directions traveled.

TRANSFER OF DEVELOPMENT RIGHTS ("TDR") - Provisions in a zoning law that allow for the purchase of the right to develop land located in a sending area and the transfer of these rights to land located in a receiving area.

TREASURER'S DEED (TAX DEED) - A deed for property sold at public sale by the County Treasurer usually for nonpayment of taxes by the original owner.

TRIPLE NET LEASE - A lease in which the tenant pays all expenses (taxes, insurance, etc.), including their rent.

TRUSS - Open, lightweight framework of wooden or metal members, usually designed to replace a large beam where spans are great.

        


(Typical Tri-Bearing Truss)

TRUST - A property right held by one for the benefit of another; the concept of transferring title to a fiduciary or entrusted person to administer property for the benefit of another.

TRUST ACCOUNT - An account separate, apart and physically segregated from a broker's own funds, into which the broker is required by law to deposit all funds collected for clients.

TRUSTEE - Public Official or private party who holds a Deed of Trust as security for payment of the note secured, and thereby for redelivery of title to the debtor upon payment in full of the obligation. One who holds property in trust for another to secure the performance of an obligation.

TRUSTOR - One who conveys title to a trustee to be held as security until the trustor has performed his obligation to a lender under the terms of a deed of trust.

TRUTH-IN-LENDING ACT – (TILA) – The federal law that requires disclosure of all costs involved in financing, including the APR.

TURNKEY Build-out - Is a completed build-out of space, ready for the tenant to move into.

TYPE I ACTION - This is an action, under the New York State Environmental Quality Review Act, that is more likely to have a significant negative impact on the environment.

TYPE II ACTION - This is an action that is not subject to environmental review under the New York State Environmental Quality Review Act. Type II Actions are actions that have been determined not to have a significant impact on the environment or to be exempt from environmental review for other purposes.

 

 

 

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