FIND THE DEFINITION FOR ANY REAL ESTATE TERM

Click on the letters above for terms beginning with that letter, and then click on the term below.

Don’t see a term here?  Feel free to ask us.  (Unfortunately, however, we cannot give you real estate or legal advice.)

BALLOON LOAN (or BALLOON MORTGAGE) – A loan that is only partially amortized, meaning the payments are calculated over a longer period of time than the actual term of the loan.  This will allow for lower payments during the term of the loan, but means that the loan will not be paid off at the end of the term of the loan.  The last payment, called a BALLOON PAYMENT, will have to be larger than the others to pay off the loan.

BARGAIN AND SALE DEED – A deed, which implies that the grantor owns the property, but does not convey any warranty of title.

BASE LINE – An imaginary line running east and west, used by surveyors as a reference in locating and describing land under the government rectangular survey system.

BENEFICIARY – 1. A party who will benefit from a trust, and on who’s behalf the assets of a trust are managed.  2. The lender in a Deed of Trust.

BEQUEST – A gift of personal property by a will.  Also called a LEGACY.

BILATERAL CONTRACT – A contract in which both sides are obligated to perform some action.

BINDER – A less formal agreement, written to bind parties to a contract while a more detailed contract is negotiated and written.

BLANKET LOAN – A loan that covers more than one property, or where more than property is pledged as collateral.

BLOCKBUSTING – A discriminatory act, whereby an agent uses scare tactics, based on a protected group of individuals, to get someone to sell their house, or list their house with the agent.

BREACH – A violation of an obligation, duty or contractual agreement.

BUYER’S AGENT – An agent who represents a buyer, and is obligated to look out for the best interest of the buyer.

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