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Lease Definitions & Terms

T

Tenant representation agreement

A contract under which a client agrees to work through no salesperson except the one designated in the agreement.


Tenancy by the Entirety

An estate which exists only between husband and wife. Each has equal right of enjoyment and possession during their joint lives, and each has the right of survivorship.


Tenancy at Will

A license to occupy or use lands and buildings at the will of the landlord.


Tenant Improvements

Work done on the interior of a space, can be paid for by landlord, tenant, or some combination of both, depending on the terms of the lease.


Tenancy in Common

Ownership of property by two or more individuals, each of whom has an undivided interest, without the right of survivorship.


Trade fixtures

Articles installed by a tenant under terms of a lease and removable by the tenant before the lease expires. These remain personal property; they are not true fixtures.


Triple net lease

(See Net-net-net- lease.)


Tenants at Sufferance

An individual who comes to possess land via lawful title and keeps it in perpetuity without any title.


Tort

A wrongful act or violation of a legal right for which a civil action will lie.