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B

BACK UP OFFER -  Any subsequent offer a seller is prepared to accept only if and when the prior offer fails to materialize.

BALLOON PAYMENT -  Where a final installment on a note is greater than the preceding payment and pays the note in full.

BANKRUPTCY - Occurs when a person's liabilities exceeds his/her assets and are unable to pay current debts.

BASE LINE - An imaginary east/west line used in the U. S. Government Survey Systems to reference land as either north or south of this line.

BENCHMARK - A permanent marker used as a reference point for elevation and location in legal descriptions of property boundaries. Also called a brass cap.

BENEFICIARY - The person who receives the benefits of a will, trust or gift. In a deed of trust this is the lender.

BEQUEST - Personal property received under a will.

BILATERAL CONTRACT - The exchange of promises by both parties of a contract and are simultaneously obligated.

BILL OF SALE - A written document showing the conveyance of personal property.

BINDER  - A binder secures the right to purchase real estate upon agreed terms for a limited period of time. If the buyer changes his mind or is unable to purchase, the earnest money is forfeited unless the binder expressly provides that it is to be refunded.

BLANKET MORTGAGE - A mortgage in which more than one property is offered as collateral.

BLOCKBUSTING - An illegal practice of inducing panic selling in a neighborhood for financial gain.

BREACH OF CONTRACT - Any default in the obligations due under a contract.  

BROKER -

BUILDING/HEALTH CODES - Local police power to ensure that building are built in a safe fashion and are operated in an ongoing safe, healthful fashion.

BUILDING LINE or SETBACK - Distances from the ends and/or sides of the lot beyond which construction may not extend. The building line may be established by a filed plat of subdivision, by restrictive covenants in deeds or leases, by building codes, or by zoning ordinances.

BUNDLE OF LEGAL RIGHTS - The rights of an owner of real estate including possession, control, quiet enjoyment, exclusion and alienation.

BUY DOWN - A cash payment to a lender to reduce the interest rate a borrower must pay.

BUYER'S BROKER - A broker employed by the buyer and is loyal only to the buyer.

BUYER'S MARKET - A market in which there are more buyers than sellers.

BUYER'S WALK THROUGH - A final inspection of the property just prior to settlement.

BYLAWS - Rules that govern how a home owner's association will be run.

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