T-12
Trailing twelve months of actual income and expenses for a property. The number sellers should show and buyers should ask for, because it beats a pro forma every time.
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Where this comes up: getting ready
Part 1 of 4
Why a seller cares
The trailing twelve months is the actual income and expense record for the last year, and it is what a serious buyer asks for first. A seller who has one ready sells faster and defends the price better.
Part 2 of 4
A simple example
Your T-12 shows $50,400 collected, $21,800 spent, and two months of a vacant unit in the spring. The buyer underwrites from it.
| The document | What it proves |
|---|---|
| The T-12 | What the building actually did |
| The rent roll | What it is set up to do now |
| The pro forma | What somebody hopes it will do |
The T-12 is the building's last year in numbers, and it is the one document a buyer trusts.
Part 3 of 4
What people get wrong
That a T-12 is optional if the rent roll is strong. Buyers want the record; a rent roll without one is a claim.
Part 4 of 4 · where to read next
Where it appears in the sale
What a definition is, and what it isn't
Keighbor is a software company, not a law firm, brokerage, or tax adviser. This is general information, not legal, tax, financial, or real estate advice about your sale. Your situation may differ. Before acting on a contract, disclosure, title, tax, or pricing question, ask an appropriately licensed professional in your state.
Written and researched by Keighbor Research · drawn from the reference glossary · how we research and check what we publish
In your Room, this word explains itself where it appears.
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