The Real-Estate Glossary
           
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Balloon Payment
The final installment paid at the end of the term of a note; used only when preceding installments were not sufficient to pay off the note in full.

Bill of Sale
An instrument used to transfer personal property

Binder or "Offer to Purchase"
A preliminary agreement, secured by the payment of earnest money, between a buyer and seller as an offer to purchase real estate. A binder secures the right to purchase real estate upon agreed terms for a limited period of time. If the buyer changes his mind or is unable to purchase, the earnest money is forfeited unless the binder expressly provides that it is to be refunded.

Blanket Mortgage (Trust Deed)
A single mortgage or trust deed which covers more than one piece of real estate

Bond
An insurance agreement by which one party is insured against loss or default by a third party. In the construction business a performance bond ensures the interested party that the contractor will complete the project. A bond can also be a method of financing debt by a government or corporation which is interest-bearing and has priority over stock in terms of security.

Breach
Violation of an obligation in a contract

Broker, Real Estate
An agent licensed by the state to carry on the business of operating in real estate. He usually receives a commission for his services of bringing together buyers and sellers, owners and tenants, in exchange agreements.

Building Code
A set of stringent laws that control the construction of buildings, design, materials and other similar factors

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.

Built-Ins
Items that are not movable, such a stoves, ovens, microwave ovens, dishwashers.

Buyers Market
A market condition which occurs in real estate where more homes are for sale than there are interested buyers

 

 

 

 

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