Real
Estate Markets are very different and many
things are handled differently from one
state to another. We have assembled a
glossary of the most common terms used in
the Florida Real Estate Market to assist
our American clients and the many
international clients from Canada, United
Kingdom and other countries across the
world.
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Tax
Compulsory payment paid by a citizen to a unit of government
Taxable income
Gross income minus tax deductions, net operating income plus
reserve for replacements minus financing
costs and allowable depreciation.
Taxable value
The assessed value less allowable exemptions resulting in an amount
to which the tax rate is applied to
determine property taxes due.
Tax certificate
A document sold by a local tax authority granting the certificate
buyer the right to receive delinquent
taxes plus interest when paid by the legal
property owner
Tax clause
A provision in a mortgage that requires the borrower to pay all
legitimate property taxes
Tax deed
A type of deed used to convey title after real property is sold at
auction by public authority for nonpayment
of taxes
Tax district
An authority, such as a city, county, school board, or special levy
area (eg. water district), with the power
to assess property owners annually in
order to meet its expenditures for the
public good
Tax lien
A claim against real property arising out of nonpayment of the
property taxes
Tax rate
The percentage of value that is used to determine the amount of tax
to be levied against each individual unit
of property; ad valorem (according to the
value)
Tax shelter
An investment that shields items of income or gain from payment of
income taxes, a term used to describe some
tax advantages of owning real property (or
other investments), including postponement
or even elimination of certain taxes
Tenancy
The estate or rights of a tenant. (See also Estate.)
Tenancy at sufferance
An estate lawfully acquired for a temporary period of time but
retained after a period of lawful
possession has expired; non-freehold
estate
Tenancy at will
An estate that may be terminated by either party at anytime upon
proper notice, non-freehold estate
Tenancy by the entireties
An estate created by husband and wife jointly owning real property
with instant and complete right of
survivorship
Tenancy in common
A form of ownership by two or more persons each having an equal or
unequal interest and passing the interest
to heirs, not to surviving tenants
Tenant
A person or party with rights of occupancy or possession of real
property.
Term mortgage
A non amortizing loan that normally calls for repayment of the
principal in full at the end of the loan
term
Testate
Having left a will
Testator
A person who makes a will
Third party
Generally, a member of the public; not the principal or agent in a
transaction
Time is of the essence
A phrase in a contract making failure to perform by a specified
date a breach or violation of the
agreement
Time-share
An individual interest in a real property unit together with a
right of exclusive use for a specified
number of days or weeks per year.
Title
The group of rights that represent ownership of real property and
the quality of the estate owned; evidence
of ownership of property; legal title
Title insurance
A policy of insurance that protects the holder from any loss
resulting from defects in the title
Title search
An examination of all of the public records to determine whether
any defects exist in the chain of title.
Title theory
Legal concept that vests title to mortgaged property in the
mortgagee (lender) or a third party
Trade fixture
An article that is attached by a commercial tenant as a necessary
part of the tenant's business and is
personal property.
Trade name
Any adopted or fictitious name used to designate a business concern
Transaction broker
A broker who provides limited 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
Triggering terms
The Truth-in-Lending Act requires creditors to disclose certain
information if certain credit terms,
called triggering terms, are included in
the advertisement. Triggering terms
include the amount or percentage of down
payment, number of payments, period (term)
of repayment, amount of any payment, and
the amount of any finance charges.
Trust
A right of property, either real or personal, held by one party for
the benefit of another.
Trust account
(See Escrow account)
Trustee (escrow agent)
A person or party, either appointed or
required by law to administer or manage
another's property
We hope you found the above links useful,
and
remember, if you have any questions
regarding buying or selling your Florida
Holiday Home or permanent residence in
the Disney Orlando area please contact
us - we look forward to your call.
