The Real Estate
Encyclopedia: P-T

In real estate law, tenancy in partnership is a form of ownership in which partners hold an undivided interest in property as assets of a partnership. The property is owned by the partnership entity rather than by the individual partners separately. Under this form of...

In real estate law, tenancy in common is a form of co ownership in which two or more persons hold undivided interests in the same property. Each co tenant has the right to possess and use the entire property, even though their ownership shares may be unequal. Unlike...

In real estate law, tenancy for years is a leasehold estate that exists for a definite and specified period of time. The duration may be for any length, such as months or years, as long as the beginning and ending dates are clearly established. A tenancy for years...

In real estate law, tenancy by the entirety is a form of joint ownership available only to married spouses. Under this arrangement, each spouse is considered to own the entire property rather than a divisible share. Tenancy by the entirety includes a right of...

In real estate law, a tax sale is the sale of property by a governmental authority due to the owner’s failure to pay property taxes. The sale is conducted to recover the delinquent taxes, interest, and related costs. At a tax sale, the property may be sold to a...

In real estate taxation, a tax roll is the official record maintained by a local taxing authority that lists all taxable property within a jurisdiction. It includes descriptions of each parcel, the name of the owner, the assessed value, and the amount of taxes due....

In real estate taxation, the tax rate is the amount of tax levied in relation to the assessed value of property. Traditionally, it has been expressed as a specified number of dollars per one hundred or one thousand dollars of valuation. In modern usage, it is often...

In real estate law, a tax lien is a lien imposed for the nonpayment of taxes. A property tax lien attaches only to the specific property on which the taxes are delinquent and may ultimately lead to a tax sale if unpaid. A federal income tax lien, by contrast, attaches...

In real estate and tax law, a tax free exchange is the trade or exchange of one real property for another without recognizing income tax on the gain at the time of the transaction. Instead of paying tax immediately, the gain is deferred under the provisions of Section...

In real estate finance, a take out loan is permanent or long term financing that replaces short term construction financing after a project has been completed. It is used to pay off the construction loan and provide stable repayment terms. Take out loans are typically...