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| Balloon mortgage | loan having a large final payment. |
| balloon payment | The final payment of a mortgage loan that is considerably larger than the required periodic payments because the loan amount was not fully amortized. |
| bargain and sale deed |
A deed that carries with it no warranties against liens or other encumbrances, but that does imply that the grantor has the right to convey title. Note that the grantor may add warranties to the deed at his or her discretion. |
| base line |
One of a set of imaginary lines running east and west and crossing a principal meridian at a definite point, used by surveyors for reference in locating and describing land under the rectangular survey system (or government survey method) of property description. |
| basis |
The fmancial interest which the Internal Revenue Service attributes to an owner of an investment property for the purpose of determining annual depreciation and gain or loss on the sale of the asset, If a property was acquired by purchase, the owner’s basis is the cost of the property plus the value of any capital expenditures for improvements to the property, minus any depreciation allowable or actually taken. This new basis is called the adjusted basis. |
| bedroom community |
A primarily residential area located within commuting distance of a large city. bench mark A permanent reference mark or point established for use by surveyors in measuring differences in elevation. |
| beneficiary |
1. The person for whom a trust operates, or in whose behalf the income from a trust estate is drawn. 2. A lender who lends money on real estate and takes back a note and trust deed from the borrower. |
| Bid | The offer of how much you’re willing to pay for a house. |
| bilateral contract |
See CONTRACT.
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| binder |
An agreement that may accompany an earnest money deposit for the purchase of real property as evidence of the purchaser’s good faith and intent to complete the transaction. |
| Binder agreement | A less-than-stringent legal document used in some parts of the country to tie a buyer to a purchase. These documents frequently provide the seller with “wiggle room” to back out of the deal until the real contract is signed. |
| Bi-weekly fixed rate loan | A mortgage that allows payments every two weeks rather than one monthly payment. This mortgage splits your payment in half every two weeks (26 payments per year) and you make the equivalent of 13 monthly payments per year. Because the lender receives your payment before the due date, this reduces the interest amount paid. This payment plan can reduce the term of the loan from 30 years to 20 years without increasing your monthly payment commitment substantially. |
| blanket mortgage |
A mortgage covering more than one parcel of real estate, providing for each parcel’s partial release from the mortgage lien upon repayment of a definite portion of the debt. |
| blockbusting | The illegal practice of inducing homeowners to sell their properties by making representations regarding the entry or prospective entry of minority persons into the neighborhood |
| blue-sky laws | Common name for those state and federal laws that regulate the registration and sale of investment securities |
| boot | Money or property given to make up any difference in value or equity between two properties in an exchange |
| branch office |
A secondary place of business apart from the principal or main office from which real estate business is conducted. A branch office generally must be run by a licensed real estate broker working on behalf of the broker operating the principal office. |
| breach of contract | Violation of any terms or conditions in a contract without legal excuse; for example, failure to make a payment when it is due |
| Bridge loan | mortgage financing between the termination of one loan and the beginning of another. |
| broker | One who buys and sells for another for a commission. (See also REAL ESTATE BROKER.) brokerage The business of buying and selling for another for a commission |
| broker-salesperson |
A person who has passed the broker’s licensing examination but is licensed to work only on behalf of a licensed broker. |
| building code | An ordinance specifying minimum standards of construction of buildings for the protection of public safety and health |
| building equity | the difference between an individuals assets and liabilities -- that is, the value that accrues to the owners. Building equity refers to paying down debt and increasing the value of one's personal stake in a property. |
| Building inspectors | Local officials who inspect changes to homes to ensure they conform to local building codes. The inspector has to sign off on any improvements before you can get a certificate of occupancy (see Home inspector). |
| Building permit | Approval from the building inspector to go ahead with improvements
to your home. Whether you require one depends on the extent of the
changes and on local laws. |
| bulk transfer |
See UNIFORM COMMERCIAL CODE. |
| bundle of legal rights |
The concept of land ownership that means ownership of all legal rights to the land—such as possession, control within the law, and enjoyment—rather than ownership of the land itself. |
| Buyers agent | A real estate broker in which the buyer contracts to find them a home or property. the buyer may pay a commission to the agent rather than the home seller. |
| Buyers market | a depressed housing market in which there a more houses or sellers on the market than buyers. Buyers markets usually reflect decreasing housing prices over the short term. |
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Helton Genealogical DNA Project - Hilton Family Tree - http://hiltonfamilytree.com
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