Real Estate Terms K

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Keystone - The central stone, usually wedge-shaped, in a vault or arch.

Key lot - A lot considered to be more valuable due to its location.

Kick Out Clause - A contingency clause in a real estate purchase contract stating the seller may continue to market the property and terminate the contract to accept another offer. Usually there is a specific time period stipulated in the clause for the buyer to move forward with the purchase agreement.  This usually comes up when the buyer has to sell their existing residence in order to be able to buy another property.  For some reason if the original buyer can't perform(for example his own home didn't sell), the seller can then cancel the original contract and sell to the new buyer.

Kit Home - A  structure that contains prefabricated components and is put together by a contractor. Some professionals refer to kit home as modular, packaged, panelled pre-cut, or prefabricated.

Kitchenette - A very small room combining a pantry and kitchen used for cooking and food preparation.  Usually the kitchen appliances are subsized compared to a normal size kitchen.  Kitchenettes may not come with all of the standard kitchen appliances as well.

Knee wall - A wall supported by jack studs that supports the roof rafters.

Real Estate Glossary