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Glossary (click letters)

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TAX & INSURANCE IMPOUND – monthly deposits that a lender may require to be included with principal and interest payments for the payment of taxes and insurance.

TENANT IMPROVEMENTS (TI) – the expense to physically improve the property to attract new tenants to new or vacated space which may include new improvements or remodeling. May be paid by tenant, landlord, or both. Typically, tenants are provided with a market rate TI allowance ($/sq. ft.) that the owner will contribute towards improvements. The tenant must pay for amounts above the TI allowance desired by the tenant.

TENANT – one who is given possession of real estate for a fixed period or at will.

TERM – the length of a mortgage.

THIRD PARTY COSTS – costs resulting from third party reports, whether it be appraisal reports, environmental reports or structural engineering reports.

TIMBERLAND – land used for production of forest stands for commercial use.

TITLE INSURANCE – an insurance policy that insures you against errors in the title search – essentially guaranteeing your, and your lender’s, financial interest in the property.

TITLE – the actual legal document conferring ownership of a piece of real estate.

TOTAL ANNUAL OPERATING INCOME – total yearly income less operating expenses, adjustments, etc., but before mortgage payments, tenant improvements and leasing commissions.

TOTAL ANNUAL ROOM INCOME – a hotel definition that represent the gross annual receipts from room revenue.

TRAFFIC COUNT – the amount of incoming and outgoing traffic a retailer or self–storage building generates over a fixed period of time.

TRIPLE–NET LEASE (NNN) – a lease that requires the tenant to pay for property taxes, insurance and maintenance in addition to the rent (also referred to as "Net Net Net Lease").

TRIPLE–WIDE – a mobile home consisting of three units which have been fastened together along their length.

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Andrew, Sadie and your team did a great job on Dan and Annabelle’s loan, and I thank you very ...

- Scott Liming | Iron Oak Mortgage

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