The metal conduit carrying rainwater from a roof to a sewer or the ground.

(1) A shed, abutting the wall of another structure, with three walls and a sloping roof. (2) A free standing structure of three walls and a sloping roof, the open side of which is sheltered from the prevailing winds. Used as a camping shelter.

An agreement by which an owner of real property (lessor) gives the right of possession to another (lessee), for a specified period of time (term) and for a specified consideration (rent).

A lease under which the lessee has the right to purchase the property. The price and terms of the purchase must be set forth for the option to be valid. The option may run for the length of the lease or only for a portion of the lease period.

See: Lease with Option to Purchase.

A financing method allowing a tenant to make payments on a mortgage plus an amount set aside to be used as a down payment for purchase of the property. Usually offered to low income buyers by local governments or community organizations.

See: Sale-Leaseback.

The lessor’s interest in the property.

An estate in realty held under a lease; an estate for a fixed term. Considered in many states to be personal property.

Improvements made by the lessee. The term is used in condemnation proceedings to determine the portion of the award to which the lessee is entitled. See also: Tenant Improvements.

The interest which the lessee has in the value of the lease itself in condemnation award determination. The difference between the total remaining rent under the lease, and the rent lessee would currently pay for similar space for the same time period.

A loan secured by the lessee’s interest in the property.

The value of a leasehold interest. Usually applied to a long term lease when market rental for similar space is higher than rent paid under the lease. Some states allow the lessee to claim the leasehold value against the landlord in eminent domain proceedings, unless specifically prohibited by the lease itself. Other states, by statute, do not allow for such a claim. See also: “No Bonus” Clause.

The panel-like parts of a door, window, table top, etc., which may be removed or moved to a different position by sliding or by hinge attachments.

See: Majority.

A method of geographically identifying a parcel of land, which is acceptable in a court of law.

First and last name. Middle name included, omitted or incorrect will not matter. Today full names (for identification purposes) are required in many instances, but only for identification purposes (to distinguish between two men named John Smith, for example).

The notice required by law in a particular case. May be actual notice, constructive notice, etc.

The term has come to be used as a technical difference from the equitable owner, and not as opposed to an illegal owner. The legal owner has title to the property, although the title may actually carry no rights to the property other than a lien.

A rate of interest established by law, rather than by agreement (contract).

Usually title without ownership rights, such as the title placed in a trustee under a deed or trust, or the title in a vendor under a land contract.