Real Estate Glossary

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T

tacking

Adding or combining successive periods of continuous occupation of real property by adverse possessors. This concept enables someone who has not been in possession for the entire statutory period to establish a claim of adverse possession.

taxation

The process by which a government or municipal quasi-public body raises monies to fund its operation.

tenancy by the entireties

is a special ownership created for husband and wife. In a tenancy by the entireties, both the husband and wife own 100% of the property. The marital partners must take title at the same time and through the same deed. Some states require specific verbiage to be included in the deed. This form of ownership is not recognized by all states and is not available in Georgia.

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tenancy in common

ownership in real estate by two or more people. Each person owns a separate and divisible interest in the property that will be inherited by their heirs upon death unless directed otherwise by a will. Ownership as tenants in common is the default estate should the deed conveying title not specifically provide for another type.

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tenant compatibility

A manager must make sure that a certain place is suitable for a tenant in location, size, and amenities. The manager should also make sure the tenant is able to pay for the space. Tenant compatibility is simply making sure the tenant is a good choice for the space you are managing.

tenant improvements

Also called construction allowance, it is money to a lessee from the lessor to cover the cost, partially or in all, of preparing a structure for the lessee's occupancy. This could include costs for partitions, wiring, lighting, and standard carpeting.

testate

refers to the status of a deceased and their estate when a will exists. When a person dies with a will, they are said to die testate.

testator

is the man who makes a will, testatrix if a female.

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Tie-in arrangement

Offering products together as part of a package. For competitive purposes, a monopolist may use forced buying, or "tie-in" sales, to gain sales in other markets where it is not dominant and to make it more difficult for rivals in those markets to obtain sales.

time-share

is a form of ownership that allows access or occupancy for only a designated or specific time period.

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