Real Estate Glossary Letter :  J & K

Real Estate Glossary Letter :  J & K

******************************

 

JAMB– The inside of a door frame.

JOINT AND SEVERAL LIABILITY – The Bank’s joint account authorities, guarantee forms, and such, are framed to ensure that joint account holders with debts due to the Bank of joint guarantors liable to the Bank shall be SEVERALLY liable, (i.e. individually), as well as JOINTLY. With Joint and Several Liability a creditor has as many rights of action as there are debtors; he can sue them jointly or severally until he has obtained payment, and an unsatisfied judgment against one debtor will not be a bar to an action against the others.

JOINT TENANTS or TENANCY – The ownership of land in common by several persons where there is a right of survivorship i.e. where on the death of one joint owner the land as a whole, vests in the survivors.

JOISTS – Horizontal metal beam or wood structural members supporting a floor or ceiling, to which boards of a floor and the laths of a ceiling are nailed. Supported by bearers.

JUNCTION BOX– A box in the electrical system where one main circuit is connected to another. Also, the box where the smaller circuits join the main circuit.

Real Estate Glossary Letter :   K

.

KERB – the raised edging to a path or pavement.

KEYSAFE – KEY SAFE – A keysafe is a storage safe designed to allow you to securely store a number of keys outside a building. Often used in real estate when selling a house to ensure that an agent can simply show up at the house without needing to ensure they have grabbed a key in the office. Also called a Lock Box.

KING POST – A vertical member which connects the ridge and beam of a roof.

KNOCK DOWN – The term is used to refer to a property that is in a poor condition and which cannot be restored. The only solution is to demolish and rebuild.

Designed by Rayantaban