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Real Estate Glossary of Terms
Looking for the definition of a real estate
term? Click on a letter of the alphabet below to go to that letter's
corresponding page of terms.
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Z 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.
BUSINESS
OPPORTUNITIES - Any type of business which is for
sale.
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