| Term | Definition |
|---|
| succession | The passing of property or legal rights after death. The word commonly refers to the distribution of property under a states intestate succession laws, which determine who inherits property when someone dies without a valid will. When used in connection with real estate, the word refers to the passing of property by will or inheritance, as opposed to gift, grant, or purchase. |
| suit for specific performance | A legal action brought by either a buyer or a seller to enforce performance of the terms of a contract. |
| taking | See eminent domain. |
| tenancy by the entirety | A special kind of property ownership that's only for married couples. Both spouses have the right to enjoy the entire property, and when one spouse dies, the surviving spouse gets title to the property (called a right of survivorship). It is similar to joint tenancy, but it is available in only about half the states. |
| tenancy in common | A type of ownership in which two or more people have an undivided interest in property, without the right of survivorship. Upon death of one of the owners, his/her interest passes to his/her heirs or devises. Contrast with joint tenancy. |
| tenant | Anyone, including a corporation, who rents real property, with or without a house or structure, from the owner (called the landlord). The tenant may also be called the "lessee." |
| tenants in common | See tenancy in common. |
| tenement | Everything that may be occupied under a lease by a tenant. |
| term | The actual life of a mortgage, at the end of which the mortgage becomes due and payable unless the lender renews the mortgage. |
| time is of the essence | A clause, which if included in a contract, makes failure to perform by a specified date a material breach or violation of the contract. |
