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REAL ESTATE GLOSSARY
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BALANCE SHEET
A financial statement that shows assets, liabilities, and net worth as of a specific date.
BALLOON MORTGAGE
A mortgage that has level monthly payments that will amortize it over a stated term but that provides for a lump sum payment to be due at the end of an earlier specified term. The principal and interest on the loan are amortized over a longer period than the actual term of the mortgage.
BALLOON PAYMENT
The final lump sum payment that is made at the maturity date of a balloon mortgage.
BANKRUPT
A person, firm, or corporation that, through a court proceeding, is relieved from the payment of all debts after the surrender of all assets to a court-appointed trustee.
BANKRUPTCY
The financial inability to pay one's debts when due. The debtor surrenders his assets to the bankruptcy court. An individual typically files for Chapter 7 (all debts wiped out) or Chapter 13 (establishes a payment plan to pay off debts). A bankruptcy stays on an individual's credit report for 7 years.
BEAM
A structural supporting member.
BEFORE-TAX INCOME
Income before taxes are deducted.
BENEFICIARY
A person named to receive a benefit from a trust. A contingent beneficiary has conditions attached to his rights, usually someone else must die first.
BEQUEATH
To transfer personal property through a will.
BEST FAITH ESTIMATE
An estimate of the total costs for securing a real estate loan, that is given to borrowers prior to closing.
BETTERMENT
An improvement that increases property value as distinguished from repairs or replacements that simply maintain value.
BILL OF SALE
A written document that transfers title to personal property.
BINDER
A preliminary agreement, secured by the payment of an earnest money deposit, under which a buyer offers to purchase real estate.
BIWEEKLY MORTGAGE
A mortgage where you make "half payments" every two weeks, rather than one payment per month. This results in making the equivalent of 13 monthly payments per year, rather than 12, significantly reducing the time it takes to pay off a thirty year mortgage.
BLANKET INSURANCE POLICY
A single policy that covers more than one piece of property (or more than one person).
BLANKET MORTGAGE
The mortgage that is secured by a cooperative project, as opposed to the share loans on individual units within the project.
BLIGHTED AREA
Any region of a city or town that has fallen into disrepair or otherwise has become undesirable.
BONA FIDE
Any genuine offer, made without intent to defraud or deceive.
BOND
An interest-bearing certificate of debt with a maturity date. An obligation of a government or business corporation. A real estate bond is a written obligation usually secured by a mortgage or a deed of trust.
BOOK VALUE
Acquisition costs less any accrued depreciation.
BORROWER ( MORTGAGOR )
One who applies for a loan secured by real estate and is responsible for repaying the loan (mortgage).
BREACH
A violation of any legal obligation.
BRIDGE FINANCING
An interim loan made to facilitate the purchase of a new home before the buyer's current residence sells and its equity is available to fund the new purchase.
BRIDGE LOAN
A form of second trust that is collateralized by the borrower's present home (which is usually for sale) in a manner that allows the proceeds to be used for closing on a new house before the present home is sold. Also known as "swing loan."
BRIDGING
Structural members used between beams to strengthen the structure.
BROKER
An individual who facilitates the purchase of property by bringing together a buyer and a seller.
BTU
British Thermal Unit. A unit of measurement used to describe heating or cooling capacity.
BUDGET
A detailed plan of income and expenses expected over a certain period of time. A budget can provide guidelines for managing future investments and expenses.
BUDGET CATEGORY
A category of income or expense data that you can use in a budget. You can also define your own budget categories and add them to some or all of the budgets you create. "Rent" is an example of an expense category. "Salary" is a typical income category.
BUDGET MORTGAGE
A mortgage that includes a portion for taxes and insurance as well as principal and interest.
BUFFER ZONE
A segment of land between two disparate municipal zones which acts as a shield to keep one zone from encroaching upon the other. Often used to separate residential districts from commercial areas.
BUILDING CODE
Regulations that ensure the safety and material compliance of new construction within a municipality. Building codes are localized to ensure they are adequate to meet the risk of common hazards.
BUILDING LINE OR SETBACK
The statutory distance between buildings and the property line, imposed by municipalities, home associations, or other agreements.
BUILT-INS
Specific items of personal property which are installed in a real estate improvement such that they become part of the building. Built-in microwave ovens and dishwashers are common examples.
BUNGALOW
A one-story, home-style dating from the early twentieth century. Often characterized by a low-pitched roof.
BUYDOWN ACCOUNT
An account in which funds are held so that they can be applied as part of the monthly mortgage payment as each payment comes due during the period that an interest rate buydown plan is in effect.
BUYDOWN MORTGAGE
A temporary buydown is a mortgage on which an initial lump sum payment is made by any party to reduce a borrower's monthly payments during the first few years of a mortgage. A permanent buydown reduces the interest rate over the entire life of a mortgage.
BUY DOWN
Extra money paid in a lump sum to reduce the interest rate of a fixed rate mortgage for a period of time. The extra money may be paid by the borrower, in order to have a lower payment at the beginning of the mortgage. Or paid by the seller, or lender, as incentive to buy the property or take on the mortgage.
BUYERS BROKER
An agent hired by a buyer to locate a property for purchase. The broker represents the buyer and negotiates with the sellers broker for the best possible deal for the buyer.
BUYERS MARKET
Market conditions that favor buyers i.e. there are more sellers than buyers in the market. As a result buyers have ample choice of properties and may negotiate lower prices. Buyers markets may be caused by an economic slump or overbuilding.
BX CABLE
Electrical cable shrouded in a galvanized steel outer cover.
BYLAWS
A set of regulations by which an organization conducts its business.
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