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Real Estate Glossary A B C D E F G H I J K L M N O P Q R S T U V W X Y Z -B- balloon mortgage A mortgage that typically offers low rates for an initial period of time (usually 5, 7, or 10) years; after that time period elapses, the balance is due or is refinanced by the borrower. balloon payment The final lump sum payment that is required at the maturity date of a balloon mortgage. bankruptcy A federal law whereby a person's assets are turned over to a trustee and used to pay off outstanding debts; this usually occurs when someone owes more than they have the ability to repay. before-tax income Income before taxes are deducted. beneficiary The person designated to receive a gift, income or benefits from a trust, estate, deed of trust of another. bequeath Transition of personal property through a will. betterment An improvement which increases the value of a property better than mere repairing would do.(i.e.sidewalks,roads, etc.) bill of sale A written contract transfering the title to personal property, or right of interest from one person to another. binder A temporary agreement, secured by the payment of an earnest money deposit, under which a buyer offers to purchase real estate. biweekly payment mortgage A mortgage that requires payments to reduce the debt every two weeks instead of a monthly payment schedule. The result for the borrower is a substantial savings in interest. blanket insurance policy A single policy that covers more than one piece of property. blanket mortgage A mortgage that is secured by more than one parcel of real estate. bona fide In good faith, without fraud. bond 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. Borrower A person who has been approved to receive a loan and is then obligated to repay it and any additional fees according to the loan terms. breach A violation of any legal obligation. bridge loan A form of second trust that is collateralized by the borrower's present home in a manner that allows the proceeds to be used for closing on a new house before the present home is sold. This is also known as "swing loan." broker A person who brings parties together and assists in negotiating contracts between them and receives a commission or a fee for this service. budget A detailed record of all income earned and expenses expected over a specific 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. building code Based on agreed upon safety standards within a specific area, a building code is a regulation that determines the design, construction, and materials used in building. 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. Copyright © 2005 Flavia Westerwelle / All Rights Reserved |
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