Tuesday, August 2, 2011

Real Estate Vocabulary - B

Here are some more Real Estate terms that will help you in your home search!

Balloon Mortgage - An installment payment on a promissory note usually the final one for discharging the debt which is significantly larger than the other installment payments provided under the terms of the promissory note.

Bankruptcy - The inability of a debtor to pay one’s financial debts when due and where relief has been sought and has been granted through a special court action that makes it possible to resolve or eliminate the debtor’s debts.

Bid - The amount a party offers to pay on the home.

Bilateral Contract - A contract under which two parties exchange promises for the performance of certain acts. For example - Mr. A promises to buy Mr. B’s house and Mr. B promises to transfer its title to Mr. A.

Blanket Mortgage Or Trust Deed - A loan that covers two or more properties and often an entire subdivision where those properties are pledged or conveyed as security for the debt and which permits the borrower to obtain a partial re-conveyance when a parcel is sold.

Bleeding A Project - 1. In new construction overstating expenses and fees so as to divert a larger than normal amount of the project costs to the developer’s profit. 2. In managing existing real estate so as to obtain the highest possible current income from it.

Blighted Area -A district affected by detrimental influences of such an extent that real property values have seriously declined as a result of adverse land use and/or destructive economic forces. An area with rapidly depreciating buildings and no recognizable prospect.

Book Value - The current value for accounting purposes of an asset expressed as original cost plus capital additions and less accumulated depreciation.

Breach Of Contract - The violation of any terms or conditions in a contract without having a legal excuse such as the failure to make a loan payment when due.

Broker - A natural or legal person employed by another for a fee to carry on any legally-identified broker activity.

Budget - An itemized list of expected income and expenses prepared on a weekly monthly or annual basis.

Building Inspection - A physical review of property as construction progresses to insure that each major component – foundation plumbing electrical wiring roofing materials meets the building codes.

Build-To-Suit - A contract whereby an owner of land offers to construct a building on his or her land as specified by a potential tenant and then to lease land and building to that party.

Do you have questions about any of these terms? Give me a call!

Source: RealEstateWords

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