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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