Real Estate Words Glossary Archive


Title

Monday, December 17th, 2007
Actual ownership; the right of possession; also the evidence of ownership such as a deed or bill of sale.


Time-sharing

Monday, December 17th, 2007
Part ownership of a property coupled with a right to exclusive use of it for a specified number of days per year.


Tenants in common

Monday, December 17th, 2007
Style of ownership in which two or more persons purchase a property jointly, but with no right of survivorship and separate undivided interests. They are free to will their share to anyone they choose, a principal difference between this form of ownership and joint tenancy.


Tenancy by the entirety

Monday, December 17th, 2007
A form of joint ownership reserved for married persons; right of survivorship exists and neither spouse has a disposable interest during the lifetime of the other.


Tax shelter

Monday, December 17th, 2007
A realty investment that produces income-tax deductions for its owner.


Tax sale

Monday, December 17th, 2007
A court-ordered sale of real property to raise money to cover delinquent taxes.


Tax rate

Monday, December 17th, 2007
The rate at which real property is taxed in a tax district or county. For example, in a certain county, real property may be taxed at a rate of 55 mills (or 0.055) per dollar of assessed valuation.


Tax basis

Monday, December 17th, 2007
The price paid for a property plus certain costs and expenses, such as closing costs, legal counsel, and a commission paid to help find the property.


Tax credit

Sunday, December 16th, 2007
An allowed deduction that can be subtracted from your income tax. If you are entitled to a $1,500 credit, and your income tax would otherwise be $10,000, the credit would reduce the tax due to $8,500.


Survey

Sunday, December 16th, 2007
An exact measurement of the size and boundaries of a piece of land by civil engineers or surveyors.


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