Tax Rate
It refers to the amount of tax payable, expressed as a percentage of the assessed value of land, interest in land or improvement.
Tenancy
The interest of a person holding property by any right or title.
Tenancy agreement
This is a legal binding document containing crucial details about the rental terms between the landlord and tenant.
Title
A right or claim to the ownership of property.
Tenant (lessee)
A person to whom a landlord grants temporary and exclusive use of land or a part of a building in exchange for rent. The contract for this arrangement is called a lease.
Tenant's Improvements
Improvements to land or buildings to meet the needs of the tenant and carried out wholly or partly at his expense.
Tenant at will
One who claims possession of premises by permission of the owner or landlord.
Tenure
Tenure refers to the time period of ownership of a property, generally either leasehold or freehold.
Term
The time period or lifetime of a lease.
Testator
A person who has made a legally binding will specifying what is to be done with that person's family and/or property after death.
Title
Title is the property right of an owner to show his interest or claim of possession in the piece of property.
Title Deed
A legal document constituting evidence of a right, especially to ownership of property.
Title search
A review of all recorded documents affecting a specific piece of property to determine the present status of title. Title searches are commonly performed during the real estate transactions to ensure the validity of the title of the property.
Transfer of Property
Any act by which a living person conveys property in the present or in future to one or more other living persons or to himself or to himself and one or more living persons.
Transferee
The new holder who receives the transferred property.
Transferor
A person from whom property moves or who transfers the property to transferee.
Trespass
The act of using the property which is a breach of the terms under a license.
Tax Clearance [37-(I)]
The Income Tax Act, 1961 specifies that any lease transaction of not less than 12 years or any sale transaction above a prescribed transaction value limit tax, has to undergo a clearance process from the Income Tax Appropriate Authority, constituted under the Income Tax Act. 37-(I) is the application form number used for this purpose.
A joint application by the parties involved in the transaction is submitted along with processing fees . It takes up to a maximum of three months to grant the clearance, without which the sale transaction is not complete.
Trustee
A person (or institution) to which legal title to property is entrusted to use for another's benefit, under the terms of a deed of trust.
"Time Is Of The Essence"
It means that performance by one party within the period specified in the contract is essential to elicit performance by the other party.
Turn Key Project
The construction of a project in which a third party, usually a developer or general contractor, takes responsibility for the total completion of a building including construction and interior design, to the customized requirements and specifications of a future owner or tenant.