Building Drain to Bundle of Rights

 

Building Drain

A sloped, horizontal pipe that collects waste and drain flow from a building and delivers it to an external sewer, cesspool or septic system.

Building Envelope

See the Building Shell entry.

Building Inspector

A building department employee or contractor, who inspects buildings to ensure building code compliance.

Building Line or Setback

Distances from the ends and/or sides of the lot beyond which construction may not extend. The building line may be established by a filed plat of subdivision, by restrictive covenants in deeds or leases, by building codes, or by zoning ordinances. Most neighborhoods will require substantial set-backs-which would have the effect of creating or expanding the front yard or sidewalk-so as to maintain the area’s appeal.

Building Moratorium

A halt in construction, usually mandated by a local government to slow the pace of development and expansion in an area.

Building Owners and Managers Association (BOMA)

A national association (with local chapters) of property owners and managers, primarily of office buildings, that provides educational programs and certifications for property management professionals.

Building Paper

An insulating water-resistant covering that is used with many modern homes to reduces heat and energy loss.

Building Permit

Authorization for construction or improvement to a property. Local zoning ordinances and regulations normally require property owners and developers to obtain a building permit from the local building department before any major improvements can begin. These permits require review and approval of architectural plans and blueprints.

Building Pressurization

Modern buildings try to maintain a positive internal pressurization balance against outside air pressure. By keeping the air pressure inside buildings slightly higher, usually through the use of the HVAC system, a building can prevent non-conditioned and non-filtered air from entering the building.

Building Residual Technique

A technique used by appraisers, which uses property revenue to provide separate values for the land and the building. A portion of the income is first allocated to the land, to determine the land’s value based on income. The residual income is then allocated to the building and capitalized to provide the building’s value. Finally, the appraiser adds the land value to the building value to calculate the property’s total appraised value.

Building Shell

The basic skeleton of the building containing all structurally required elements. The shell consists of the basic structure before any interior and exterior finishes are applied.

Building Skin

All the improvement elements that cover the outside of the building shell.

Building Standard

The design themes and specifications for a construction or development project. The standard specifies color palettes, thematic elements, quality of finishes and other items that define the building’s style.

Building-Related Illnesses

A type or group of diseases whose causes and source have been attributed to buildings. More specifically, these clinically verified diseases are caused by pollutants within the building’s structure, composition and mechanical elements. Building-related illnesses are more serious and long-term, as their symptoms persist long after the person has left the building. Compare with Sick Building Syndrome (SBS).

Building-to-Land Coverage

The ratio calculated when you divide the building’s “footprint” by the total size of the land. This ratio is the percentage of the land occupied by the building. Municipalities and local governments typically set building-to-land coverage ratios.

Build-Out

The improvement of interior space, usually to satisfy a tenant’s or business owner’s requirements. Build-outs often start with a bare shell and entail installation of electrical systems, plumbing, utilities, floors, walls, doors and all other finishes.

Build-to-Suit

A feature with certain rental properties that requires the owner or manager to make certain improvements negotiated with and designated by the incoming tenant.

Build-Up Rate

The interest (or discount) rate used when calculating the capitalization rate of a prospective investment.

Built-Up Beam

A beam composed of two or more smaller elements put together.

Built-Up Roof

See the Tar and Gravel Roof entry.

Bulk Sales Transfer

Any sale, conveyance, assignment or transfer of the major portion of a seller’s or dealer’s inventory or supplies. The Uniform Commercial Code imposes procedural requirements on all bulk sale transfers, especially when such bulk transfers are unusual for the business.

Bulk Zoning

A method of zoning that attempts to control density, by regulating setback requirements, building height limits and parking ratios.

Bulkhead

In the home construction arena, it is the entrance from the basement floor. However, it also refers to any wall that holds back a body of water, as well as to the horizontal or inclined door over exterior cellar entrances that are common feature of many rural homes.

Bullet Loan

A short-term loan, usually for a commercial property. Bullet loans are typically balloon loans, that are meant to be refinanced once development or improvements have been completed.

Bunding

See the Levee entry.

Bundle of Rights

A legal concept based in English Common Law that considers the different interests in a real property as a collection of property rights. The bundle of rights encompasses the right to possession, enjoyment, disposition, control and exclusion. These rights can be separated and manipulated by the owners and different parties. For example, by renting out an apartment, the landlord surrenders certain rights while still keeping others.