A general term, indicating a lease under five years in some states, under ten years in others.

The land adjacent to the travel lanes of a road, used for vehicles having difficulty. May be paved or unpaved.

A ditch running alongside a highway to carry off excess rainfall. May be paved, contain portions of large metal or clay pipe, or simply be of dirt or grass.

(1) A surfacing for exterior walls, such as wood siding, aluminum, asphalt, etc. (2) A railroad track connected to a main track, and used for storage of cars, passing of trains, or other reasons to clear the main track.

An advertisement placed on a property showing that the property is available for “sale”, “lease”, “exchange”, etc. Signs have been shown by studies to be the second best advertising in terms of attracting buyers, only slightly behind classified newspaper advertising. Many local governments restrict signs as to size and location on the property.

The Uniform Commercial Code defines a signature as any mark made with present intention to authenticate a writing. Company policy of banks, for example, or local governmental offices, such as the county recorder, may have stricter requirements.

A phase indicating that everything necessary to convey has been done by the grantor. Modernly, signed and delivered are still necessary, but the only seals commonly used are by governments, corporations, and notaries.

The lowest member of a frame (usually wood or metal), which supports the uprights of a frame. Most commonly used to describe the lowest horizontal member of an opening, such as a door sill or window sill.

Generally, a tall, cylindrical structure, used for storage of corn, etc.

Interest computed on principal alone, as opposed to compound interest.

A simultaneous issuance by a title insurance company of policies insuring both an owner and a lender. The lender’s policy is issued at a reduced rate.

(1) One who has never been married. (2) Commonly, one who is not married, but may have been married.

A general term originally used to distinguish a house designed for use by one family from an apartment house. More recently, used to distinguish a house with no common area from a planned development or condominium.

A roof pitched entirely at the same angle, usually over 20 degrees.

See: Special Purpose Property.

A fund (often invested) which will be used to replace improvements as needed. Most commonly set aside from the income of income producing property.

A process of recovering the value of an asset by setting up a sinking fund.

(1) A general term signifying a plot of land suitable or set aside for any specific use. (2) Land which has undergone site development and is no longer raw land. See: Site Development; Raw Land.

The study of a specific parcel of land (and the surrounding area) to determine its suitability for a specific use.

All improvements made to a site before a building may be constructed, such as grading, utility installation, etc.

Location, place.