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Most terms and definitions have been provided by:
http://www.homeclosing101.org/news-and-advice/real-estate-glossary/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.
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.
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.
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.
BUILDING PERMIT
A written permission granted by the City 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).
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.
