Real Estate Glossary Terms Beginning With – K

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Terms Beginning With - K

Property Development & Investment Glossary, Terms & Definitions

Keeper

In a door frame, the metal latch plate into which a doorknob plunger latches.

Keogh Plan

A federal tax regulation that allows self-employed people to put money aside for retirement by allowing them to put pretax earnings into a trust account. The plan, also known as an HR-JO Plan, allows self-employed individuals (but not independent contractors) to deduct this cost as an ordinary business expense on their tax return and invest these Keogh funds in stocks, bonds, or mutual funds. All profits and gains from these investments are tax-free. After the age of 59.5 and upon retirement, the funds can be taken without penalty. Taxes are owed at this time, but the taxpayer is most likely in a reduced tax category, and if the money is divided over ten years, a special ten-year averaging mechanism decreases the tax even further. Withdrawals are not permitted after the age of 70.5.

Key federal laws

Important laws and statutes have been enacted to ensure that hazardous materials are handled in a responsible manner to reduce the risk of harm to people and the environment.

Key lot

A lot with increased value due to its strategic placement, particularly when it is required for the greatest and best use of adjoining property; a lot that adjoins the rear property line of a corner lot and fronts on a secondary roadway. Also, the property that is required for the development of a project.

Key man insurance

If a key employee dies or becomes disabled, the insurance coverage will be used to pay the expected cost of replacing him or her in the organization. For small businesses that rely heavily on a single executive, some lenders need key employee insurance.

Key money

Secures a leasehold interest through the payment of a security deposit. In essence, the potential tenant is purchasing the possession of the building.

A fee paid by a renter to acquire a desired tenancy from a building owner or landlord.

Key tenant

A big company that rents several floors in an office building or a big store in a shopping mall.

Keyless

A plastic pull string-operated fixture. The basement, crawl space, and attic sections are all accessible.

Keyway

When another wall is to be erected at the slot site, a slot is poured into the footer or foundation wall. As a result, the joint/meeting point is strengthened.

Kickers

In a contract, an additional fee of interest or rent is expected.

In order to obtain a mortgage, an additional fee must be paid. An equity stake in a retail or rental property's revenue could be an example.

A lender may request several sorts of equity participation as a condition for lending money, such as participation in rentals, profits, or extra interest. Serious legal problems are sometimes raised about whether such equity participations represent additional interest under usury laws.

Kiln

A vast oven-like chamber used to bake, dry, and harden materials including lumber, brick, and lime.

Kilowatt (kW)

It has 1000 watts.

King stud

From the bottom sole plate to the top plate, the vertical frame lumber (on the left and right) of a window or door opening runs continuously.

Kiosk

A tiny structure, normally made of wood, with one or more open sides and used as a newsstand, jewelry stall, or phone sales, particularly in an enclosed mall. Such a business often pays rent on a percentage leasing basis.

Kitchenette

Space utilized for food preparation and cooking that is less than 60 square feet in size.

Knee wall

The rafters of a timber roof are supported by a small wall known as a purlin.

Knockdown

Prepared building materials are sent to the building site without being put together, but they are complete and ready to be put together and installed.

Knot

When working with wood, you'll see this on the edges and the faces of a product.

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