| BALLOON
PAYMENT - The final payment of a note or obligation, which is
substantially larger than the previous installment payments, and which
repays the debt in full; the remaining balance which is due at the
maturity of a note or obligation.
BARGAIN AND SALE DEED
- A deed which recites a consideration and conveys all of the grantor's
interest in the property to the grantee.
BASE LINE AND
MERIDIAN - An imaginary set of lines used by surveyors to
locate and describe land under the Rectangular Survey Method of property
description used in most mainland states.
BASIS -
The financial interest which IRS attributes to the owner of an asset for
purposes of determining annual depreciation and gain or loss on sale of
the asset.
BENCH MARK
- A mark affixed to a permanent reference or monument, such as an iron
post or a brass marker (usually embedded in a cement sidewalk), used to
establish elevations and altitudes over a surveyed area.
BENEFICIARY -
A person who receives the benefits from the gifts or acts of another, such
as one who is designated to receive the proceeds from a will, insurance
policy or trust.
BILATERAL CONTRACT
- A contract in which each party promises to perform an act in
exchange for the other party's promise to perform.
BILL OF SALE
- A written agreement by which one person sells, assigns or transfers his
right to, or interest in, personal property to another.
BLANKET MORTGAGE
- A mortgage which is secured by several structures or a number of lots. A
blanket mortgage is often used to finance proposed subdivisions or
development projects, especially cooperatives.
BLUE SKY LAWS
- State securities laws designed to protect the public from fraudulent
practices in the promotion and sale of securities, e.g., through limited
partnerships, syndications, bonds.
BOOT -
Money or other property given to make up any difference in value or equity
between two exchanged properties.
BOUNDARIES
- The perimeters or limits of a parcel of land as fixed by legal
description which is usually a metes and bounds description.
BREACH OF CONTRACT
- Violation of any of the terms or conditions of a contract without legal
excuse; default, non-performance, such as failure to make payment when
due.
BROKER -
One who acts as an intermediary between parties to a transaction. A real
estate broker is a properly licensed person who, for a valuable
consideration, serves as an agent to others to facilitate the sale or
lease of real property.
BROKERAGE
- That aspect of the real estate business which is concerned with bringing
together the parties and completing a real estate transaction. Brokerage
involves exchanges, rentals, trade-ins and management of property, as well
as sales.
BUDGET MORTGAGE
- A mortgage with payments set up to cover more than interest and
principal reductions.
BUFFER ZONE -
A strip of land separating one parcel from another.
BUILDING PERMIT
- A written permission granted by the County Building Department and
required prior to beginning the construction of a new building or other
improvement (including fences, fence walls, retaining walls and swimming
pools).
BUILDING RESIDUAL
TECHNIQUE - A method of determining the value of an improvement
normally used in appraising income property.
BULK TRANSFERS
- Any transfer in bulk, and not in the ordinary course of the seller's
business, of a major part of the materials, inventory or supplies of an
enterprise.
BUNDLE OF RIGHTS
- An ownership concept describing all those legal rights which attach to
the ownership of real property, including the right to sell, lease,
encumber, use, enjoy, exclude, will, etc.
BUSINESS DAYS
- Days of the week excluding Saturdays, Sundays, and holidays; normal
working days.
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