website created
by
Works of Joy
Glossary of Real Estate Terms
B
| 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 propertythat is accepted if the first offer fails. |
| Backwater valve |
| A valve in a sewer line that prevents sewage from flowing back into a house. |
| Balance sheet |
| A statement that shows the assets, liabilities and net worth of an individual. |
| 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. |
| 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. |
| 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. |
| 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. |
| 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. |
| 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. |
| Before-tax income |
| Total income before taxes are deducted. |
| Beneficiary |
| The lender who makes a loan. Also called a mortgagee. The person borrowing money is the mortgagor. |
| Bequest |
| Personal property given to a person through a will. |
| 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. |
| Bilateral contract |
| A contract in which the parties involved give mutual promises. Also called "reciprocal" contracts. |
| Bill of sale |
| A document that transfers ownership of personal property. |
| 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. |
| 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. |
| Blighted area |
| A neighborhood that has deteriorated. |
| Blind nailing |
| Nails driven into a wall and concealed with putty. |
| 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. |
| Blueprint |
| The plan for a home or other structure. |
| Blue-ribbon condition |
| A house maintained close to its original condition. Also called mint condition. |
| 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. |
| Board-and-batten siding |
| Siding is composed of 8- to 12-inch wide wooden boards nailed vertically to create a barn-like exterior. |
| 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 assetbased 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. |
| Borrow pit |
| The hole at a site that has been excavated. |
| 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. |
| Breach of contract |
| The failure to perform provisions of a contractwithout 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 amount of 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. |
| Broker |
| A person licensed by the state to deal in real estate. |
| Brokerage |
| The act of bringing together two or more parties in exchange for a fee or commission. |
| 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. |
| Buffer strip |
| A parcel of land that separates two or more properties |
| Builder upgrades |
| Extra house features or better finishing materialsthat a builder offers. |
| 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 ensure that work is correctly performed. |
| Building line or setback |
| Guidelines that limit how close an owner can build to the street or an adjacent property. |
| 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. |
| 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 middleto 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 broker |
| A real estate broker who exclusively represents the buyer's interests in a transaction and whose commission is paid by the buyer rather than the seller. |
| Buyer's market |
| A slow real estate market in which buyers have the advantage. |
| Buyer's remorse |
| An emotion felt by first-time homebuyers after signing a sales contract or closing the purchase of a house. |
| Bylaws |
| The rules and regulations that a homeowners association or corporation adopts to govern activities. |
Terms that start with:
