Glossary of terms used on this site
All
| Term | Definition |
|---|---|
| Beneficiary |
The lender who makes a loan, also called a mortgagee. The person borrowing money is the mortgagor. |
| Bequest |
Personal property given to a person through a will. |
| Betterment |
An improvement that increases a property's value as opposed to repairs that maintain the value. |
| Bidding war |
Offers from multiple buyers for a piece of property. Agents also sometimes compete to list a house for sale. |
| Bilateral contract |
A contract in which the parties involved give mutual promises. Also called "reciprocal" contracts. |
| Bill of sale |
A document that transfers ownership of personal property. |
| Binder |
A 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 mortgage |
A mortgage that requires payments every two weeks and helps repay the loan over a shorter term. |
| Blanket insurance policy |
A policy that covers more than one person or piece of property. |
| Blanket mortgage |
A mortgage that covers more than one property owned by the same borrower. |
| Blighted area |
A neighborhood that has deteriorated. |
| Blind nailing |
Nails driven into a wall and concealed with putty. |
| Blue sky laws |
Regulations on the sale of securities to prevent consumers from investing in fraudulent or high-risk companies without being informed of the risks. |
| Blue-ribbon condition |
A house maintained close to its original condition. Also called mint condition. |
| Board foot |
Measurement of lumber that is the equivalent of 144 cubic inches. |
| Board of Equalization |
A state board charged with ensuring that local property taxes are assessed in a uniform manner. |
| Board-and-batten siding |
Siding is composed of 8- to 12-inch wide wooden boards nailed vertically to create a barn-like exterior. |
| Boilerplate |
Form language used in deeds, mortgages and other documents. Details can be added by individual parties. |
| Bond |
An agreement that insures one party against loss by acts or defaults of another party. |
| Book value |
The value of a property as a capital asset based on its cost plus any additions, minus depreciation. |
| Boring test |
An analysis of soil in which holes are bored into the ground and samples are removed. |
| Borough |
A section of a city that has authority over local matters. |
| Borrow |
Sand, gravel or other material used for grading. |
| Borrow pit |
The hole at a site that has been excavated. |
| Boulevard |
A street lined with trees or constructed with a landscaped median. |
| Boundary |
he dividing line between two adjacent properties. |
| Braced framing |
A construction method in two-story homes in which the frame is reinforced with posts and braces. |
| Breach of contract |
The failure to perform provisions of a contractwithout a legal excuse. |
| Breach of covenant |
The failure to obey a legal agreement. |
| Breach of warranty |
A seller's inability to pass clear title to a buyer. |
| Break-even point |
The point in which the owner's rental income matches expenses and debt. |
| Breast height |
The height at which the diameter of a tree is measured: four feet, six inches above the ground. |
| Breezeway |
A roofed passageway with open sides. |
| Brick |
Building material made from clay molded into oblong blocks and fired in a kiln. |
| Bridge loan |
A short-term loan for borrowers who need more time to find permanent financing. |
| Broker |
A person licensed by the state to deal in real estate. |
| Brokerage |
The act of bringing together two or more parties in exchange for a fee or commission. |
| Broom clean |
The ideal condition of a building when it is turned over to an owner or tenant. |
| Brownstone |
A vintage row house constructed of red sandstone. |
| Buffer strip |
A parcel of land that separates two or more properties. |
| Builder upgrades |
Extra house features or better finishing materials that a builder offers. |
| Building and loan association |
An organization that raises money to helps its members purchase real estate or construct a building. |
| Building code |
A comprehensive set of laws that controls the construction or remodeling of a home or other structure. |
| Building inspector |
A city or county employee who enforces the building code and ensures that work is correctly performed. |
| Building line or setback |
Guidelines that limit how close an owner can build to the street or an adjacent property. |
| Building moratorium |
A halt on home construction to slow the rate of development. |
| Building paper |
A thick, water-resistant paper that serves as insulation. |
| Building permit |
A permit issued by a local government agency that allows the construction of home or renovation of a house. |
| Building restrictions |
Regulations that limit the manner in which property can be used. |
| Built-ins |
Appliances or other items that are framed into a home or permanently attached. |
