Glossary - K
- Key lot
- Initially, the term key lot denoted a long lot (piece of land) with fixed boundaries on one or both sides or bounded by adjacent lots facing another street. Consequently, the key lot did not have much privacy or retreat and often disturbed by the clatter from the neighbors. Hence, a key lot was described as an interior piece of land. However, presently the term frequently denotes other things vis-à-vis property development and, more precisely, land assembly. These days, the term key lot also refers to a lot of real estate that ought to be purchased with a view to combine a number of bordering pieces of land. Habitually, the key lot is a particular piece of land that is predominantly imperative to an overall assembly of land to obtain the utmost and optimum utilization. In brief, it may be said that the lot is basically the key to assembly of land.
- Generally, a kicker is a vernacular expression denoting a right, warrant or any other aspect added to a debt obligation with a view to make it more attractive to prospective depositors, as in the case of equity participation. However, in the context of real estate, kicker refers to a crucial component of an agreement or contract that is necessitated by one party to the deal in addition to the typical terms concerning an explicit product or service. Usually kickers are linked to mortgage funding whereby a lender entails an extra payment in addition to the principal and interest amounts to facilitate the endorsement of a loan. For instance, percentage rent, added up front charges or other monetary compromises by the borrower or mortgagor.