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Real Estate Dictionary
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takeout commitment/takeout loan

An agreement by a lender to place a long-term (i.e., takeout) loan on real property after construction is complete.

taking

The acquisition of land by the government as a result of condemnation.

tandem plan

A joint program of two government agencies, the Government National Mortgage Association (GNMA) and the Federal National Mortgage Association (FNMA), that is designed to provide low-interest home loans. In general, these loans are intended for low-income families.

tangible property

Assets that have a physical existence, that can be touched (e.g., real estate).

tax

A government levy against real property. If taxes are unpaid, the government may attach a lien to the property. Such liens are regarded as preeminent (i.e., they are given priority over mortgages).

tax and insurance escrow

see escrow account.

tax assessor

see assessor.

tax base

The assessed valuation of a piece of real property. This value is multiplied by the government’s tax rate to determine the amount of property tax due.

tax deed

The instrument of conveyance when a property is sold by a government body to recover taxes that are due on that property.

tax district

The area in which a particular government body has the authority to levy taxes, such as a city or county.
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