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Real Estate Dictionary


   

T

Taba - (Hebrew) City building plan. A plan in which there are all the definitions, restrictions and instructions for building a house in a certain area. There one can find also the building rights allowable and more.

"Tabu", Israel Land registry - Adopted from Turkish. Information about each property: its land size, constructed size, ownership division, whether there are attachments, such as a garden or parking, a possible mortgage, notice of warning.

Taxes - A mandatory contribution of money to meet the expenses of a governmental body, whether federal, state, or local.

Tax Shelter - General term used to describe any property which gives the owner tax advantages such as deductions for property taxes and mortgage interest. In the case of rental property; insurance, maintenance, and depreciation are included.

Tenant - One who holds or possesses lands, or other real estate, by any kind of right, whether in fee simple, in common, in severalty, for life, for years, or at will.

The Jewish Agency for Israel - A Zionist organization, originally established in 1923 to represent the Jewish community in Palestine before the Mandate government. It received official recognition in 1929. The Jewish Agency was charged with facilitating Jewish immigration into Palestine, land purchase from Arab owners, and planning the general policies of the Zionist leadership.

Title - A legal document evidencing a person's right to or ownership of a property. In Israel called "land registry extract" (Nesah Rishum).

Tofes 4 - Number 4 form (populated form). A form which permits to connect the house to a permanent electricity connection. A form, which indicates that the construction was finished and the house is ready to live in.

Transfer of Ownership - The act by which the title to property is conveyed from one party/person to another. Any means by which the ownership of a property changes hands. Lenders consider all of the following situations to be a transfer of ownership: the purchase of a property "subject to" the mortgage, the assumption of the mortgage debt by the property purchaser, and any exchange of possession of the property under a land sales contract or any other land trust device. In cases in which an inter vivos revocable trust is the borrower, lenders also consider any transfer of a beneficial interest in the trust to be a transfer of ownership.

Treasury Bills (T-Bills) - Short term discount debt maturing in less than one year, issued regularly by the government. Called in Hebrew "Makam", and it is not index linked. See also Cash Equivalent.

Trust - A fiduciary relationship under which one holds property for the benefit of another. The property is held for the beneficiary, by the trustee and is created by the settlor.

Trustee - Someone appointed by the court and required by law to execute a trust. The trustee may hold title to real property under the terms of the trust.

 
 
 
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