Glossary

Back-end Ratio

A calculation made by a lender that takes into account a borrower

Backup Offer

A secondary offer made on a property that the seller plans on accepting should the primary offer expire

Balloon Mortgage

A mortgage that is not only amortized over a specific period of years, but that also requires a lump sum payment in full at an earlier date

Balloon Payment

Any payment that is greater than twice the normal amortized payment, which is generally used to to refer to the final payment of a note with an advanced due date

Bankruptcy

Occurring in a federal court proceeding, this is the process of debtors being relieved of their liability for their debts after their assets are surrendered to a court appointed trustee

Basis Point

One one-hundredth of one percentage point.

Breach of contract

an exercise that attempts to make a provision to a contract without a legal excuse

Bridge Loan

A loan whose purpose is to provide quick loans for short term borrowers.

Broker

The intermediate party that looks to help transactions proceed by looking for sellers who are looking to sell and buyers who are looking to buy.

Builder Upgrades

Additional upgrades and amenities installed by a builder.

Building Codes

A set of rules and regulations that guide the construction or remodeling of a structure.

Building line or setback

Regulations that set how close an owner can build to a street or a neighboring property

Building permit

Given to a builder or a remodeler, this is a permit issued by local municipalities to carry out construction on a structure.

Building restrictions

Guidelines that govern how a certain property can be used. These guidelines include structural rules as well as intended-use rules.

Built-ins

Appliances or other amenities that are built into a home and are therefore permanent.

Bundle of rights

The list of interest or rights an owner has in a property.

Bureau of Land Management

The law upheld by the government that is in charge of surveying and managing public lands.

Buyer

An economic downturn when buyers have the advantage.

Buyer

A temporary agreement where the buyer will reside in the property before closing.

Buyer

the agent that represents and guides the best wishes of the buyer in a business transaction, as either an individual agent or as a broker


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