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- Real Estate Glossary A
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Real Estate Glossary B
Back fillSoil used to solidify the foundation of a structure. Back title letterA letter that a title insurance company gives to an attorney who then examines the title for insurance purposes. Back-to-back escrowArrangements that an owner makes to oversee the sale of one property and the purchase of another at the same time. Backup offerA secondary bid for a property that the seller will accept if the first offer fails. Backwater valveA valve in a sewer line that prevents sewage from flowing back into a house. Balance sheetA statement that shows the assets, liabilities and net worth of an individual. Balloon loanA 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 paymentThe final lump sum payment due at the end of a balloon mortgage. Balloon-frame constructionA type of framing used in two-story homes in which studs extend from the ground to the ceiling of the second floor. BalustradeRailing held up by a set of posts on a porch or stairway. BankruptcyA 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 saleThe sale of a piece of property for less than market value. BaseboardAny board or molding found at the bottom of an interior wall. Baseboard electric heatHeating units installed in the floor that can be controlled by a central thermostat. BasementThe area of a home below ground level. Basis PointA 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. BayThe opening between two columns or walls that forms a space. Bay windowA window that projects outward in a curve. Bearing wallA wall that supports its own weight in addition to other parts of a structure. Before-tax incomeTotal income before taxes are deducted. BeneficiaryThe lender who makes a loan, also called a mortgagee. The person borrowing money is the mortgagor. BequestPersonal property given to a person through a will. BettermentAn improvement that increases a property's value as opposed to repairs that maintain the value. Bidding warOffers from multiple buyers for a piece of property. Agents also sometimes compete to list a house for sale. Bilateral contractA contract in which the parties involved give mutual promises. Also called "reciprocal" contracts. Bill of saleA document that transfers ownership of personal property. BinderA 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 mortgageA mortgage that requires payments every two weeks and helps repay the loan over a shorter term. Blanket insurance policyA policy that covers more than one person or piece of property. Blanket mortgageA mortgage that covers more than one property owned by the same borrower. Blighted areaA neighborhood that has deteriorated. Blind nailingNails driven into a wall and concealed with putty. Blue sky lawsRegulations on the sale of securities to prevent consumers from investing in fraudulent or high-risk companies without being informed of the risks. Blue-ribbon conditionA house maintained close to its original condition. Also called mint condition. Board footMeasurement of lumber that is the equivalent of 144 cubic inches. Board of EqualizationA state board charged with ensuring that local property taxes are assessed in a uniform manner. Board-and-batten sidingSiding is composed of 8- to 12-inch wide wooden boards nailed vertically to create a barn-like exterior. BoilerplateForm language used in deeds, mortgages and other documents. Details can be added by individual parties. Bona fideA legal term that refers to actions or persons that are honest and in good faith. BondAn agreement that insures one party against loss by acts or defaults of another party. Book valueThe value of a property as a capital asset based on its cost plus any additions, minus depreciation. Boring testAn analysis of soil in which holes are bored into the ground and samples are removed. BoroughA section of a city that has authority over local matters. BorrowSand, gravel or other material used for grading. Borrow pitThe hole at a site that has been excavated. BoulevardA street lined with trees or constructed with a landscaped median. BoundaryThe dividing line between two adjacent properties. Braced framingA construction method in two-story homes in which the frame is reinforced with posts and braces. Breach of contractThe failure to perform provisions of a contract without a legal excuse. Breach of covenantThe failure to obey a legal agreement. Breach of warrantyA seller's inability to pass clear title to a buyer. Break-even pointThe point in which the owner's rental income matches expenses and debt. Breast heightThe height at which the diameter of a tree is measured: four feet, six inches above the ground. BreezewayA roofed passageway with open sides. BrickBuilding material made from clay molded into oblong blocks and fired in a kiln. Bridge loanA short-term loan for borrowers who need more time to find permanent financing. BrokerA person licensed by the state to deal in real estate. BrokerageThe act of bringing together two or more parties in exchange for a fee or commission. Broom cleanThe ideal condition of a building when it is turned over to an owner or tenant. BrownstoneA vintage row house constructed of red sandstone. Buffer stripA parcel of land that separates two or more properties. Builder upgradesExtra house features or better finishing materials that a builder offers. Building and loan associationAn organization that raises money to helps its members purchase real estate or construct a building. Building codeA comprehensive set of laws that controls the construction or remodeling of a home or other structure. Building inspectorA city or county employee who enforces the building code and ensures that work is correctly performed. Building line or setbackGuidelines that limit how close an owner can build to the street or an adjacent property. Building moratoriumA halt on home construction to slow the rate of development. Building paperA thick, water-resistant paper that serves as insulation. Building permitA permit issued by a local government agency that allows the construction of home or renovation of a house. Building restrictionsRegulations that limit the manner in which property can be used. Built-insAppliances or other items that are framed into a home or permanently attached. BulkheadA retaining wall designed to hold back water from the ocean or another body of water. Bundle of rightsThe various interests or rights an owner has in a property. BungalowA small one-story house or cottage. Butterfly roofA roof formed by two gables that dip in the middle to resemble a butterfly's wings. Buy-down mortgageA 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 brokerA 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 marketA slow real estate market in which buyers have the advantage. Buyer's remorseAn emotion felt by first-time homebuyers after signing a sales contract or closing the purchase of a house. BylawsThe rules and regulations that a homeowners association or corporation adopts to govern activities.
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