Spectrus – Glossary – T
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- Tax-deferred exchange
- A tax-deferred exchange is simply a method by which a property owner trades one property for another without having to pay any federal income taxes on the transaction. In an ordinary sale transaction, the property owner is taxed on any gain realized by the sale of the property. But in an exchange, the tax on the transaction is deferred until some time in the future, usually when the newly acquired property is sold.
- Taxpayer
- In a 1031 exchange, also known as the exchanger. A taxpayer has property and would like to exchange it for new property. While all parties in an exchange are theoretically taxpayers, this term applies to the party who expects to receive tax deferred treatment under Section 1031.
- Title
- A legal document evidencing a person's right to or ownership of a property.
- Triple-net lease
- A lease in which the tenant is to pay all operating expenses of the property; the landlord receives a net rent. Example: Big Buy Supermarkets enters into a triple-net lease. They are to pay for all the taxes, utilities, insurance, repairs, janitorial services and license fees; any debt service and the landlord's income taxes are the responsibility of the landlord.
- Truth-in-lending
- A federal law that requires lenders to fully disclose, in writing, the terms and conditions of a mortgage, including the annual percentage rate (APR) and other charges.
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