building

Structure designed for habitation, shelter, storage, trade, manufacture, religion, business, education, and the like. A structure or edifice inclosing a space within its walls, and usually, but not necessarily, covered with a roof. Netter v. Scholtz, 282 Ky. 493, 138 S.W.2d 951, 953

@ building and loan association

An organization for the purpose of accumulating a fund by subscriptions and savings of its members to assist them in building or purchasing for themselves dwellings or real estate by the loan to them of the requisite money. Quasi public corporations chartered to encourage thrift and promote ownership of homes. Hopkins Federal Savings & Loan Ass'n v. Cleary, Wis., 296 U.S. 315, 56 S.Ct. 235, 237, 241, 80 L.Ed. 251.

Such associations are not commercial banks, nor, in most states, are such classified as savings banks or savings institutions; though in many states such is a special type or variety of savings and loan association.

See also savings and loan association

@ building code

Laws, ordinances, or government regulations concerning fitness for habitation setting forth standards and requirements for the construction, maintenance, operation, occupancy, use or appearance of buildings, premises, and dwelling units. While many codes are local in nature and scope, many states have uniform codes which all local municipalities must adhere to. In addition, FHA financed real estate must meet certain building code requirements

@ building is covered

Phrase in a binder or contract of temporary insurance meaning that the property shall be insured in the standard form of insurance from that instant for a reasonable time until either the policy or policies can be written out, or their issuance approved or disapproved or some other temporary impediment to the complete formal contract of insurance can be removed. Shumway v. Home Fire & Marine Ins. Co. of California, 301 Mass. 391, 17 N.E.2d 212, 214

@ building lien

The statutory lien of a materialman or contractor for the erection of a building.

See mechanic's lien

@ building line

A line established by municipal authority, to secure uniformity of appearance in the streets of the city, drawn at a certain uniform distance from the curb or from the edge of the sidewalk, and parallel thereto, upon which the fronts of all buildings on that street must be placed, or beyond which they are not allowed to project. Often referred to as the "set-back" requirement

@ building loan agreement

An agreement by which one undertakes to advance to another money to be used primarily in erection of buildings. Such funds are normally used by the borrower to pay the contractor, subcontractors and materialmen; and such funds are commonly advanced in installments as the structure is completed. The lender's security is normally the structure being erected. Also called interim or construction financing.

See bridge loan

@ building permit

Authorization required by local governmental bodies for new building, or major alteration or expansion of existing structures. Building plans, estimated costs, etc., and a fee, are usually required before such is issued. Such permit is normally required to be displayed on the construction site

@ building restrictions

Regulations or restrictions (commonly in zoning ordinances) upon the type of structure that can be constructed on one's property. Such restrictions may also be created in the form of restrictive covenants in deeds.

See building code

@ building society

An association in which the subscriptions of the members form a capital stock or fund out of which advances may be made to members desiring them, on mortgage security.

See building and loan association

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