FIND THE DEFINITION FOR ANY REAL ESTATE
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.
– 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.
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.
– A loan that covers more than one property, or where more than
property is pledged as collateral.
– 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.
– A violation of an obligation, duty or contractual agreement.
– An agent who represents a buyer, and is obligated to look
out for the best interest of the buyer.
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