Glossary of Real Estate Terms (ba-bl)

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Back fill

• Soil used to solidify the foundation of a structure.
  

Back title letter

• A letter that a title insurance company gives to an attorney who then examines the title for insurance purposes.
  

Back-to-back escrow

• Arrangements that an owner makes to oversee the sale of one property and the purchase of another at the same time.
  

Backup offer

• A secondary bid for a property that the seller will accept if the first offer fails.
  

Backwater valve

• A valve in a sewer line that prevents sewage from flowing back into a house.
  

Balance sheet

• A statement that shows the assets, liabilities and net worth of an individual.
  

Balloon-frame construction

• A type of framing used in two-story homes in which studs extend from the ground to the ceiling of the second floor.
  

Balloon loan

• A mortgage in which monthly installments are not large enough to repay the loan by the end of the term. As a result, the final payment due is the lump sum of the remaining principal.
  

Balloon payment

• The final lump sum payment due at the end of a balloon mortgage.
  

Balustrade Railing

• held up by a set of posts on a porch or stairway.
  

Bankruptcy

• A proceeding in which an insolvent debtor can obtain relief from payment of certain obligations. Bankruptcies remain on a credit record for seven years and can severely limit a person's ability to borrow.
  

Bargain sale

• The sale of a piece of property for less than market value.
  

Baseboard

• Any board or molding found at the bottom of an interior wall.
  

Baseboard electric heat

• Heating units installed in the floor that can be controlled by a central thermostat.
  

Basement

• The area of a home below ground level.
  

Basis Point

• A basis point is one one-hundredth of one percentage point. For example, the difference between a loan at 8.25 percent and a mortgage at 8.37 percent is 12 basis points.
  

Bay

• The opening between two columns or walls that forms a space.
  

Bay window

• A window that projects outward in a curve.
  

Bearing wall

• A wall that supports its own weight in addition to other parts of a structure.
  

Beneficiary

• The lender who makes a loan, also called a mortgagee. The person borrowing money is the mortgagor.
  

Before-tax income

• Total income before taxes are deducted.
  

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.
  

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