Dictionary

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Key Lot

A lot that has added value because of its strategic location, especially when it is needed for the highest and best use of the contiguous property.  A key lot is also a lot that adjoins the rear property line of a corner lot and fronts on a secondary street.

Key Person Insurance

Life or Health insurance on important employees whose absence would cause the employer financial loss. The insurance is usually owned by and payable to the employer. Premiums are not tax deductible, but benefits are not taxed.

Key Tenant

A major office building tenant that leases several floors, or a major department store in a shopping center.

Kickers

Payment required by a mortgage in addition to normal principal and interest.

Kitchenette

A space less than 60 square feet that is used for cooking and preparing food.

Knockdown

Pre-manufactured construction materials delivered to the building site unassembled; can be quickly assembled and installed.