Back fill Soil used to solidify
the foundation of a structure.
Back title letter A letter that
a title insurance company gives to an
attorney who then examines the title for
insurance purposes.
Back-to-back escrow Arrangements
that an owner makes to oversee the sale of
one property and the purchase of another at
the same time.
Backup offer A secondary bid
for a property that the seller will accept
if the first offer fails.
Backwater valve A valve in a
sewer line that prevents sewage from flowing
back into a house.
Bailee One to whom
personal property is entrusted.
Bailment Temporary
transfer of possession of personal property.
Bailor One who
delivers goods under a bailment.
Balance sheet A statement that
shows the assets, liabilities and net worth
of an individual.
Balloon-frame construction A
type of framing used in two-story homes in
which studs extend from the ground to the
ceiling of the second floor.
Balloon loan A mortgage in
which monthly installments are not large
enough to repay the loan by the end of the
term. As a result, the final payment due is
the lump sum of the remaining principal.
Balloon payment The final lump
sum payment due at the end of a balloon
mortgage.
Balustrade Railing held up by a
set of posts on a porch or stairway.
Bankruptcy A proceeding in
which an insolvent debtor can obtain relief
from payment of certain obligations.
Bankruptcies remain on a credit record for
seven years and can severely limit a
person's ability to borrow.
Barter A contract by which
parties exchange goods or commodities for
other goods.
Bargain and sale deed
Instrument that conveys title without
warranty.
Bargain sale The sale of a
piece of property for less than market
value.
Baseboard Any board or molding
found at the bottom of an interior wall.
Baseboard electric heat Heating
units installed in the floor that can be
controlled by a central thermostat.
Baseline East-west
lines used in a rectangular survey system.
Basement The area of a home
below ground level.
Basis Point A basis point is
one one-hundredth of one percentage point.
For example, the difference between a loan
at 8.25 percent and a mortgage at 8.37
percent is 12 basis points.
Base rent Fixed rent
in a percentage lease.
Bay The opening between two
columns or walls that forms a space.
Bay window A window that
projects outward in a curve.
Bearing wall A wall that
supports its own weight in addition to other
parts of a structure.
Bench mark Permanent
survey reference point.
Beneficiary The lender who
makes a loan, also called a mortgagee. The
person borrowing money is the mortgagor.
Before-tax income Total income
before taxes are deducted.
Bequeath To
give personal property by will to another.
Bequest A gift by will of
personal property.
Betterment An improvement that
increases a property's value as opposed to
repairs that maintain the value.
Bidding war Offers from
multiple buyers for a piece of property.
Agents also sometimes compete to list a
house for sale.
Biennial Every other
year.
Bilateral contract A contract
in which the parties involved give mutual
promises. Also called "reciprocal"
contracts.
Bill of sale A written document
under seal, by which one person assigns or
transfers his right to or interest in goods
and personal chattels to another.
Binder A report issued by a
title insurance company that details the
condition of a home's title. and provides
guidelines for a title insurance policy.
Bird dog One who
seeks listings or sales opportunities for an
agent.
Biweekly mortgage A mortgage
that requires payments every two weeks and
helps repay the loan over a shorter term.
Blanket insurance policy A
policy that covers more than one person or
piece of property.
Blanket mortgage A mortgage
that covers more than one property owned by
the same borrower.
Blight Urban decay.
Blighted area A neighborhood
that has deteriorated.
Blind nailing Nails driven into
a wall and concealed with putty.
Block Portion of a
city bounded by streets.
Blockbusting Illegal
practice of promoting panic selling.
Blue sky laws State
securities regulations.
Blueprint
Written instrument by an architect, contains
detailed information and measurements.
Blue-ribbon condition A house
maintained close to its original condition.
Also called mint condition.
Blue sky laws Regulations on
the sale of securities to prevent consumers
from investing in fraudulent or high-risk
companies without being informed of the
risks.
Board Official body
exercising control or management.
Board-and-batten siding Siding
is composed of 8- to 12-inch wide wooden
boards nailed vertically to create a
barn-like exterior.
Board foot Measurement of
lumber that is the equivalent of 144 cubic
inches.
Board of Equalization A state
board charged with ensuring that local
property taxes are assessed in a uniform
manner.
Boilerplate Form language used
in deeds, mortgages and other documents.
Details can be added by individual parties.
Bona fide A legal term that
refers to actions or persons that are honest
and in good faith.
Bond An agreement that insures
one party against loss by acts or defaults
of another party.
Book value The value of a
property as a capital asset based on its
cost plus any additions, minus depreciation.
Boring test An analysis of soil
in which holes are bored into the ground and
samples are removed.
Borough A section of a city
that has authority over local matters.
Borrow Sand, gravel or other
material used for grading.
Borrower One who
takes money in exchange for a promise to
re-pay.
Borrow pit The hole at a site
that has been excavated.
Bottom land The land
under a body of water.
Boulevard A street lined with
trees or constructed with a landscaped
median.
Boundary The dividing line
between two adjacent properties.
Braced framing A construction
method in two-story homes in which the frame
is reinforced with posts and braces.
Branch office Any
office other than the principle office.
Breach of contract The failure
to perform provisions of a contract without a
legal excuse.
Breach of covenant The failure
to obey a legal agreement.
Breach of warranty A seller's
inability to pass clear title to a buyer.
Break-even point The point in
which the owner's rental income matches
expenses and debt.
Breast height The height at
which the diameter of a tree is measured:
four feet, six inches above the ground.
Breezeway A roofed passageway
with open sides.
Brick Building material made
from clay molded into oblong blocks and
fired in a kiln.
Bridge loan A short-term loan
for borrowers who need more time to find
permanent financing.
Brokerage The act of bringing
together two or more parties in exchange for
a fee or commission.
Broker A person licensed by the
state to bring two parties together.
Broom clean The ideal condition
of a building when it is turned over to an
owner or tenant.
Brownstone A vintage row house
constructed of red sandstone.
Budget Mortgage A
mortgage that includes property taxes and
insurance.
Buffer strip A parcel of land
that separates two or more properties.
Buffer zone Zone
separating incompatible zones.
Building and loan association An
organization that raises money to helps its
members purchase real estate or construct a
building.
Building code A comprehensive
set of laws that controls the construction
or remodeling of a home or other structure.
Building inspector A city or
county employee who enforces the building
code and ensures that work is correctly
performed.
Building moratorium A halt on
home construction to slow the rate of
development.
Building paper A thick,
water-resistant paper that serves as
insulation.
Building permit A permit issued
by a local government agency that allows the
construction of home or renovation of a
house.
Builder upgrades Extra house
features or better finishing materials that
a builder offers.
Building line or setback Guidelines
that limit how close an owner can build to
the street or an adjacent property.
Building restrictions Regulations
that limit the manner in which property can
be used.
Built-ins Appliances or other
items that are framed into a home or
permanently attached.
Bulkhead A retaining wall
designed to hold back water from the ocean
or another body of water.
Bundle of rights The various
interests or rights an owner has in a
property.
Bungalow A small one-story
house or cottage.
Butterfly roof A roof formed by
two gables that dip in the middle to
resemble a butterfly's wings.
Buy-down mortgage A home loan
in which the lender receives a premium as an
inducement to reduce the interest rate
during the early years of the mortgage.
Buyer's agent Real
estate agent who works for a buyer broker
and represents a buyer as opposed to a
seller.
Buyer broker A real estate
broker who exclusively represents the
buyer's interests in a transaction,
Responsible for Due Diligence.
Buyer's market A slow real
estate market in which buyers have the
advantage, more homes for sale than buyers.
Buyer's remorse An emotion felt
by first-time homebuyers after signing a
sales contract or closing the purchase of a
house.
Buying a listing Term
used by REALTORS to describe another agent
that purposely inflates a suggested list
price in order to receive the business.
Bylaws The rules and
regulations that a homeowners association or
corporation adopts to govern activities.
Could not find what your looking for or a term not seen here? Simply call or e-mail us and we will get the answer for you and post your request on this page with your name
(compliments of,)
Add Site to Favorites
