Real Estate Terms Glossary: B
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Backup
An offer that comes in after an earlier offer is accepted. If both buyer and seller agree, the backup assumes a secondary position, to be acted upon only if the original deal does not go through.
Base Line And Meridian
An imaginary set of lines used by surveyors to locate and describe land under the Rectangular Survey Method of property description used in most mainland states.
Benchmark
A mark affixed to a permanent reference or monument, such as an iron post or a brass marker (usually embedded in a cement sidewalk), used to establish elevations and altitudes over a surveyed area.
Bill Of Sale
A written agreement by which one person sells, assigns or transfers his right to, or interest in, personal property to another.
Binder
A report issued by a title insurance company setting forth the condition of title and setting forth conditions, which, if satisfied, will cause a policy of title insurance to be issued.
Blight
A term used to describe urban decay in particular neighborhoods.
Blockbusting
For profit, to induce or attempt to induce any person to sell or rent any dwelling by representations regarding the entry or prospective entry into the neighborhood of a person or persons of a particular race, color, religion, sex, or national origin.
Bona Fide Purchaser
A purchaser who pay valuable consideration for property, acts in good faith, and acquired a property interest without notice of any outstanding claims to other defects in the seller's title.
Bottom Land
The land that exists under a lake, river, or stream. Such land may be owned by the riparian owner or be held by the state in trust for the public.
Boundaries
The perimeters or limits of a parcel of land as fixed by legal description which is usually a metes and bounds description.
Boycott
An act wherein two or more competitors in a common trade refuse to do business with another competitor in order to injure or express disapproval with his business practices. Such act in per se illegal since it restrains trade.
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.
Bridge Loan
A form of interim loan, generally made between a short term loan and a long term loan, when the borrower needs to have more time before taking on long term financing.
Broker
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.
Buffer Zone
A strip of land separating one parcel from another.
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.
Buyer's Agent
A real estate agent whose loyalty is to the buyer and not to the seller. Such agents are becoming increasingly common today. A real estate agent who represents and protects the interest of the homebuyer.
Buyer's Market
Situation in which supply of homes for sale exceeds demand.
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