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Ma Real Estate T-1

Terms & Definitions T-1

TermDefinition
Tangible Having physical or material being, such as height, width, mass, or weight. As opposed to intangible such as an easement.
Tax Deed A deed used to convey property taken by the government for nonpayment of taxes.
Tax Rate The rate set by the city or town, which multiplied by property’s assessed value will yield the property’s annual tax.
Taxation The right of the government to levy charges on piece of property. One of the governments limits to rights of ownership.
Tenancy at Sufferance A form of tenancy when the tenant remains after the legal tenancy is over.
Tenancy at Will A form of tenancy with no specific duration, that can be terminated at any time by either party. Can be written or verbal. In Mass, either party must give 30 day minimum notice as of the rent due date.
Tenancy by the Entirety A type of joint tenancy restricted to husbands and wives. Provides for right of survivorship.
Tenancy for Years A form of tenancy that is less then freehold, and has a set term with a specific end date. Can be for less than a year.
Tenancy from Period to Period A form of tenancy that is less than freehold, and has no specific end date. Renews at the end of each period until one of the parties takes action to end the tenancy.
Tenancy in Common A type of concurrent estate (2 or more persons) where co-owners each have an undivided interest in the property. No right of survivorship.
Tenancy in Partnership Ownership by a partnership as an entity, and subject to the terms of the partnership, regards rights of the partners.
Tenant The party to whom real property is rented (lessee).
Term The length of time or duration of a lease.
Testate An individual who dies with a will dies testate; without a will intestate.
Testator One who dies testate, with a will.
Time Share A form of ownership that allows multiple owners of a piece of property, each with an undivided interest for a fixed or variable time of year. EXAMPLE: Ownership of week 36.
Created by: medct