Real Estate Vocabulary meanings beginning with B

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. Blind nailing : Nails driven into a wall and concealed with putty. Blueprint : Blue-ribbon condition : A house maintained close to its original condition. Also called mint condition. 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. Board-and-batten siding : Siding is composed of 8- to 12-inch wide wooden boards nailed vertically to create a barn-like exterior. 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. Boilerplate : Form language used in deeds, mortgages and other documents. Details can be added by individual parties. Bona fide : A legal term that refers to actions or persons that are honest and in good faith. 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 : The 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. Brokerage : The act of bringing together two or more parties in exchange for a fee or commission. Broker : A person licensed by the state to deal in real estate. 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. 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 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. Builder upgrades : Extra house features or better finishing materials that a builder offers. Building line or setback : Guidelines that limit how close an owner can build to the street or an adjacent property. 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. Bulkhead : A retaining wall designed to hold back water from the ocean or another body of water. Bundle of rights : The various interests or rights an owner has in a property. Bungalow : A small one-story house or cottage. Butterfly roof : A roof formed by two gables that dip in the middle to resemble a butterfly's wings. Buy-down mortgage : A home loan in which the lender receives a premium as an inducement to reduce the interest rate during the early years of the mortgage. Buyer broker : A real estate broker who exclusively represents the buyer's interests in a transaction and whose commission is paid by the buyer rather than the seller. Buyer's market : A slow real estate market in which buyers have the advantage. Buyer's remorse : An emotion felt by first-time homebuyers after signing a sales contract or closing the purchase of a house. Bylaws : The rules and regulations that a homeowners association or corporation adopts to govern activities.