BACK TITLE LETTER
- In states where attorneys examine title for title insurance purposes,
this letter is given by a title insurance company to an attorney,
giving to said attorney the condition of title as of a certain date.
BACKUP OFFER - A
secondary offer to buy property, used in case the first (primary) offer
fails.
BALLOON PAYMENT
- The final installment paid at the end of the term of a note. For
example; a buyer may take out an interest only loan for five years with
the principle due at the end of this time period.
BASIS POINT -
A finance term meaning a yield of 1/100th of 1% annually.
BATHROOM
- A room containing a toilet, sink and either a bathtub or a bathtub
and shower combination. A room with the above but a shower in place of
a tub is called a 3/4 bath. If the room only has a sink and toilet it
is called a 1/2 bath.
BATT - A strip of
insulation fitting closely between the studs of a wall.
BATTEN - A
narrow strip (usually wood) used to cover seams between siding boards.
BENCH MARK - A
survey mark showing the height of that point in relation to seal level.
BIANNUAL - Twice per
year.
BIENNIAL - Every two
years.
BILATERAL (RECIPROCAL) CONTRACT
- Contract under which the parties expressly enter into mutual
promises, such as sales contracts.
BI-LEVEL - Two
levels. Commonly refers to construction of a house. Also called "split"
level.
BILL OF SALE - An
instrument by which one transfers personal property.
BINDER
- 1) A report issued by a title insurance company setting forth the
condition of title as of a certain date, and setting forth the
conditions which if satisfied will cause a policy of title insurance to
be issued. 2) A policy of title insurance calling for a reduced rate
(used by investors) for a future policy if the property is sold within
a specified period.
BLANKET MORTGAGE
(Trust Deed) - A single mortgage or trust deed which covers more than
one piece of real estate.
BLOCK
- 1) In a city, a square or rectangular area enclosed by streets. 2) In
some states, a part of a subdivision legal description, such as Lot 1,
Block 2, Tract 7.
BLOCK BUSTING
- An illegal method of obtaining houses at below fair market
value by telling residents that people of a different race or religion,
moving into the area, will cause the property values to fall.
BOARD - A
lumber description meaning 2 inches thick and 8 or more inches wide.
BOARD AND BATTEN
- A siding construction of wide boards (usually one foot wide) placed
1/2 inch apart; the seams are covered by 3 inch wide battens.
BOILER PLATE - The
form of language used for contract, CC&R's (restrictions), etc.
BOND
- 1) An insurance agreement insuring against loss by acts or default of
a third party. In construction a performance bond insures that the
builder will finish the projects.
BREACH OF CONTRACT -
Failure to performance a contract, in whole or part, without legal
excuse.
BREEZEWAY
- 1) In construction of a house with no garage, a canopy which extends
from the house over the driveway as a protection from the weather for
an automobile and for those people going between the house and the
automobile. 2) A covering over a porch or patio, connecting two
sections of a house or garage. Open on two sides, allowing air
circulation.
BRIDGE (LOAN) FINANCING
- A form of interim loan, generally made between a short term loan and
a permanent or long term loan, when a borrower needs to have more time
before taking on long term financing.
BRIDGING - Floor
joist bracing, usually of wood or metal.
BROKERAGE
- The act of bringing together principals (buyer-seller,
landlord-tenant, etc.) for a fee or commission, rather than acting as a
principal.
BROKERAGE COMMISSION
- see commission.
BROKER, REAL ESTATE
- One who is licensed by the state to carry on the business of dealing
in real estate. A broker may receive a commission for his or her part
in bringing together a buyer and seller, landlord and tenant, or
parties to an exchange.
BROOM CLEAN (BROOM SWEPT)
- A term used to describe the condition of a building, delivered to a
buyer or tenant. As the term indicates, the floors are swept and free
of debris.
BUFFER ZONE (BUFFER STRIP)
- A parcel of land separating two other parcels or areas, such as a
strip of land between and industrial and residential area.
BUILDER - One whose
occupation is the construction of structures (homes or buildings).
BUILDING CONTRACT -
A contract setting forth the terms under which construction is to be
undertaken. Price may be based on a flat sum or cost plus a percentage.
BUILDING LINE - a
line beyond which there can be no construction.
BUILDING PERMIT - A
permit given by a local government to construct a building or make
improvements.
BUILDING RESTRICTIONS
- Prohibition by a government body (zoning restrictions) or a private
party (a former owner) against construction of certain structures on a
property.
BUILT-IN'S
- Commonly described as stoves, microwaves, dishwashers, ovens, and
other appliances or furniture framed into the building construction and
not movable.
BULKHEAD
- 1) a retaining wall to hold back water and thereby extend the
shoreline. 2) A metal double doorway that leads to the basement.
BUS - A copper bar
through which electrical current flows.
BUTTE - A steep
hill, usually standing alone.
BUTTRESS - A support
for a wall. A prop.
BUYERS MARKET - A
condition favoring the buyers. More homes for sale then there are
interested buyers.
BUY-SELL OFFER - An
offer by one owner to buy out the interests of another owner, partner
or shareholder.
BX CABLE - The main
conduits coming into a house. Electrical wiring that runs through metal
conduits.
BY-LAWS -
Rules and regulations, adopted by an association or corporation that
govern its activities. I.E. a condo association or neighborhood
association.