Glossary
T
TANGIBLE PROPERTY Property that is material in form. Generally the land, fixed improvement, furnishings, merchandise, cash and in actual practice, including other items of working capital used in carrying on an enterprise.
TENANCY A holding, as of land, by any kind of title, occupancy of land, a house or the like under a lease or on payment of rent or tenure.
TENANCY AGREEMENT A document detailing the conditions of the tenancy. Used as an alternative to a lease. It is not registered on the owner's certificate of title.
TENANT Any person in possession of real property with the owners permission.
TENANT FARMER A lessee of a farm; the rental is usually either in crops or cash, or a combination of both.
TENANTS IN COMMON See Joint Tenants and Tenancy in Common.
TERRACE A row of houses in one block with shared dividing walls. The houses are usually all built to a uniform style.
TITLE The ownership of property, or the documents constituting the evidence of such ownership.
TITLE DEEDS Documents evidencing the ownership of property that are transferred to the new owner when the property is sold.
TORRENS TITLE This term derives its name from the late Sir Robert Torrens of South Australia, who was mainly responsible for originating this form of title more than 100 years ago, although he was not the author of the scheme but the one who was able to put the scheme into effect. Under the Torrens system dealings and ownership of land are managed by registration with the Titles Office.
TOWN HOUSE The term is used to describe those residential developments which permit single-family construction on high cost land by use of row houses.
TRUST ACCOUNT A bank account relating to monies received or held by an agent for or on behalf of another person, e.g. deposits, rental etc.
