Taking - A common term for condemnation, or any interference with the full use of private property rights, but it is not necessary that a physical seizure or appropriation takes place.

Tax base - The assessed value of a real property that lies within a tax authority's jurisdiction. The tax base is multiplied by the tax rate to determine the of real estate tax amount.

Tax lien - A statutory lien on a property for nonpayment of that property's taxes.

Tax roll - The record listing the descriptions of all land parcels located within a county, the names of the owners and possibly those receiving the tax bill, assessed values, and tax amounts.

Tenancy in Common (TIC) - Type of ownership whereby each of the multiple tenants (owners) holds and undivided interest in the property, with no right of survivorship. The interests may not be equal.

Tenant, lessee - One who contracts through a lease agreement to rent real estate property from a landlord, owner or lessor and holds an estate by virtue of a lease.

Tenant at will - One who holds a lease and rents property from an owner or landlord without any agreement as to the lease's duration and with the right of either party to terminate the lease upon proper notice.

Tenant improvement (TI) - A leased property's improvements made by or for the tenant.

Tenant improvement (TI) allowance - A fixed amount of money held in a fund by the landlord to be used toward any tenant improvements or expenses to physically improve the property to attract new tenants to new or vacated space which may include new improvements or remodeling. The tenant pays any of improvement expenses that exceed the fund amount. The fund may be paid into by the tenant, landlord, or both.

Tenant mix - A mixture of different types of tenants, used to describe the quality of the income stream of a property. Institutional investors typically prefer a mixture of tenant types, including national credit tenants, regional credit tenants and local non-credit tenants.

Term - The span of time a loan exists.

Timeshare - A time limited ownership of the use of a vacation or resort property for a specific calendar period.

Time-weighted average annual rate of return - Annual rate of return over a series of years that compounds or yields the same return as compounding the actual annual returns for each year in the series.

Title - The means whereby the owner of real property has the just and full possession of his property. Full independent and fee ownership.

Title insurance - An insurance policy issued by a title company to a property purchaser or mortgage lending institution that insures against loss resulting from defects of title to a specifically described parcel of real property, or from the enforcement of liens existing against it at the time the title policy is issued.

Title search - An examination of all records affecting a specific piece of property at the registry of deeds or other office which holds the title document records to determine the present condition of title in preparation of a title abstract.

Total acres - A measure of all land area contained within a real estate investment used in English speaking countries. An acre is 4,840 square yards.

Total assets - The sum of all cash and equivalents, gross investments, receivables, and other assets presented on a company's or individual's balance sheet.

Total commitment - The full mortgage amount obligated to be funded if all specified conditions are met.

Total inventory - The total square footage of a various types of property within a certain geographical area, regardless of whether the property is vacant or occupied.

Total principal balance - The total amount of debt, including the original mortgage amount adjusted for subsequent fundings, principal payments and other unpaid items (e.g., interest) that are allowed to be added to the principal balance by the terms of the mortgage note or by law.

Total retail area - A retail center's total floor area from which sales are generated, not including the common areas.

Total return - The sum of quarterly income and appreciation as a return investments.

Trade fixtures - Personal property that is attached to a structure that belongs to and is used in the business, which is removed upon the lease's termination.

Tranche - A class of securities. Commercial Mortgage-Backed Securities offerings are generally divided according to seniority and risk into rated and unrated classes or tranches. Lower-rated classes have higher yields, higher-rated tranches allow for internal credit enhancements.

Triple net lease - A lease, commonly referred to as "NNN" lease or "3N", where the tenant or lessee agrees to pay all real estate taxes, building insurance and common area maintenance on the leased property in addition to the normal fees, such as rent, that are expected in the agreement. The tenant or lessee is also responsible for all costs due to repairs or replacement of the structural building elements of the property.

Trustee - The trustee oversees the flow of funds through the CMBS structure on behalf of the bondholders. The trustee is responsible for reporting and collecting principal and interest, and distributing proceeds to bondholders.

Turn key project - A construction project in which a third party is responsible for the building's completion, or the construction of tenant improvements to the customized requirements and specifications of a future owner or tenant.