TAKING: A seizure of private property or a substantial deprivation of the right to its free use or enjoyment that is caused by government action and especially by the exercise of eminent domain, for which just compensation to the owner must be given, according to the Fifth Amendment to the U.S. Constitution. (See also Inverse Condemnation and Eminent Domain.)
TAX BASE: Assessed valuation of real property, which is multiplied by the tax rate to determine the amount of tax due.
TAX LIEN: (1) A lien for nonpayment of property taxes. Attaches only to the property upon which the taxes are unpaid. (2) A federal income tax lien. May attach to all property of the person owing the taxes.
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.
TENANT: (1) A holder of property under a lease or other rental agreement. (2) Originally, one who had the right to possession, irrespective of the title interest.
TENANT AT WILL: One who holds possession of premises by permission of the owner or landlord but without agreement for a fixed term of possession.
TENANT IMPROVEMENTS: Improvements to land or buildings to meet the needs of tenants. May be new improvements or remodeling and may be paid for by the landlord, the tenant, or shared. (See also Leasehold Improvements and Workletter.)
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.
TITLE: The means whereby one has just and full possession of real property.
TITLE INSURANCE: Insurance against loss resulting from defects of title to a specifically described parcel of real property. Defects may run to the fee (chain of title) or to encumbrances.
TITLE SEARCH: A review of all recorded documents affecting a specific piece of property to determine the present condition of title.
TOTAL INVENTORY: Total square footage of rentable office or industrial space, vacant or occupied, or ready for tenant finish. Includes owner-occupied space.
TRADE FIXTURES: Personal property used in a business and attached to the property, but removable upon sale because it is deemed to be part of the business, not of the real estate.
TRANSACTION BROKER: A transaction broker provides a limited form of representation to a buyer, a seller, or both in a real estate transaction but does not represent either in a fiduciary capacity or as a single agent. (See Florida Statute 475.278)
TRIPLE NET (NNN) RENT: Rent stipulated in a lease structure in which the tenant or lessee is responsible for paying a portion of, or all of, the common expenses related to real estate ownership, in addition to base rent. Real estate related expenses associated with ownership are divided into three categories referred to as the three nets which are property taxes, insurance, and maintenance for the building, proportionate to the amount of space the tenant or lessee occupies. This type of lease is also referred to as a “net-net-net lease”. (See also Full Service Rent.)
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.