The total profit before deductions. A general term which varies, depending upon accounting procedures.

The quotient of the sale price divided by the gross rent. Generally expressed as the monthly gross rent in a single family residential property and the yearly gross rent in multifamily units and commercial, office, or industrial property.

The total sales for a given time, before deductions for refunds, allowances, etc.

A horizontal beam, very heavy and strong, installed at ground level to support and distribute the weight of that part of the building above the foundation.

See: Ground Level.

A lease of vacant land, or land exclusive of any building on it. Usually a net lease.

Being at the level of the surrounding land, such as the ground floor of a building.

Rent paid for vacant land. If the property is improved, ground rent is that portion attributable to the land only.

Water in the subsoil or of a spring or shallow well.

(1) The area surrounding a building which goes with and is of the same ownership as the building. The word would be used if the area were substantial, as opposed to a yard. (2) Strips of wood placed over the lath, to which molding is nailed.

(1) Thin mortar used in masonry work to fill joints between bricks, blocks, tiles, etc. (2) A variety of plaster used to finish ceilings of superior quality.

A crop is considered “growing” from the time the seed is planted. It then stops being personal property and becomes part of the land passing with the fee unless specifically excepted.

A fixed rate, graduated payment loan allowing low beginning payments and a shorter term because of higher payments as the loan progresses. Based on the theory of increasing income by the buyer and, therefore, ability to make higher future payments. When state law applies, usury laws in some states may not presently allow such loans when less than interest only payments create interest on interest.

See: Groin.

See: Insured Mortgage.

One who makes a guaranty.

Agreement to pay the debt or perform the obligation of another in the event the debt is not paid or obligation not performed. Differs from a surety agreement in that there must be a failure to pay or perform before the guaranty can be in effect.

One who is court appointed to manage the affairs of a minor or incompetent.

See: Meridian.

The formation of a gully by continued erosion through the soft topsoil (rill erosion) into the subsoil, where a more permanent channel is cut, separating areas and preventing the movement of animals, machinery, etc.

(1) A channel along the eaves to direct rainwater to a downspout. (2) The channel formed by the meeting of the street and curb, where rainwater runs to a sewer.