(1) An open space around a basement window, the top of which is at ground level. (2) A shaft designed to provide light and ventilation to inside rooms of a building.

A flat bottomed boat or barge, used to unload ships not at a quay, and for transporting goods within the harbor.

A tax term used in exchanges. Property may be exchanged for like in kind property and the tax postponed. The term does not refer to the physical similarity of the properties but the purpose and intent (investment) of the taxpayer.

Property that satisfies the requirements of a 1031 exchange. Most real property can qualify, such as unimproved property for improved property. Section 1031 of the Internal Revenue Code sets out the requirements.

A white powder, formed by burning limestone, used in making bricks, mortar, plaster and similar materials, and for treatment of sewage, soil, etc.

A sedimentary rock, formed mainly from sea shells and coral, and which, when burned, forms lime.

To apply lime and water to wood (whitewash), limestone to ground, or in other ways apply lime.

The time in which a law suit may be begun before it is barred by statute. See also: Statute of Limitations.

A highway with access only at spaced intervals, usually by the use of ramps. Abutting property occupants have no access other than at the regular stated intervals. Also called a controlled access highway.

See: Defeasible Title.

See: Limited Partnership.

Used in many real estate syndications; a partnership consisting of one or more general partners who conduct the business and are responsible (liable) for losses, and one or more special (limited) partners, contributing capital and liable only up to the amount contributed.

A fence erected along the property lines of a ranch or farm.

An amount of money a borrower may obtain from a bank without a special credit check. The money is generally for business purposes and the amount would not include the borrower’s own home loan and other personal secured loans.

Concerning a line. A lineal measure is a distance measure rather than an area measure.

The covering on the interior of a building, as distinguished from the exterior, or casing.

In surveying, a length of 7.92 inches.

A floor covering used in heavy traffic areas (kitchens, bathrooms, entrances, etc.), made of cork, linseed oil, resins and pigments on a canvas or burlap backing, and applied from a roll. A quality material superior to many “tiles”.

A horizontal member spanning above an opening, such as a doorway, and usually bearing the load above it.

Cash, or assets immediately convertible to cash.

A definite amount set forth in a contract to be paid by the party breaching the contract. It must be a reasonable estimate of damages or else it is considered a penalty and unenforceable. If the parties intend this to be the only remedy, it should be so stated.