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- 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.
- Bailee One to whom
personal property is entrusted.
- Bailment Temporary
transfer of possession of personal property.
- Bailor One who
delivers goods under a bailment.
- 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.
- Barter A contract by which
parties exchange goods or commodities for
other goods.
- Bargain and sale deed
Instrument that conveys title without
warranty.
- 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.
- Baseline East-west
lines used in a rectangular survey system.
- 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.
- Base rent Fixed rent
in a percentage lease.
- 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.
- Bench mark Permanent
survey reference point.
- 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.
- Bequeath To
give personal property by will to another.
- Bequest A gift by will of
personal property.
- 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.
- Biennial Every other
year.
- Bilateral contract A contract
in which the parties involved give mutual
promises. Also called "reciprocal"
contracts.
- Bill of sale A written document
under seal, by which one person assigns or
transfers his right to or interest in goods
and personal chattels to another.
- 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.
- Bird dog One who
seeks listings or sales opportunities for an
agent.
- 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.
- Blight Urban decay.
- Blighted area A neighborhood
that has deteriorated.
- Blind nailing Nails driven into
a wall and concealed with putty.
- Block Portion of a
city bounded by streets.
- Blockbusting Illegal
practice of promoting panic selling.
- Blue sky laws State
securities regulations.
- Blueprint
Written instrument by an architect, contains
detailed information and measurements.
- 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 Official body
exercising control or management.
- 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.
- Borrower One who
takes money in exchange for a promise to
re-pay.
- Borrow pit The hole at a site
that has been excavated.
- Bottom land The land
under a body of water.
- 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.
- Branch office Any
office other than the principle office.
- Breach of contract The failure
to perform provisions of a contract without 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 bring two parties together.
- 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.
- Budget Mortgage A
mortgage that includes property taxes and
insurance.
- Buffer strip A parcel of land
that separates two or more properties.
- Buffer zone Zone
separating incompatible zones.
- 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's agent Real
estate agent who works for a buyer broker
and represents a buyer as opposed to a
seller.
- Buyer broker A real estate
broker who exclusively represents the
buyer's interests in a transaction,
Responsible for Due Diligence.
- Buyer's market A slow real
estate market in which buyers have the
advantage, more homes for sale than buyers.
- Buyer's remorse An emotion felt
by first-time homebuyers after signing a
sales contract or closing the purchase of a
house.
- Buying a listing Term
used by REALTORS to describe another agent
that purposely inflates a suggested list
price in order to receive the business.
- Bylaws The rules and
regulations that a homeowners association or
corporation adopts to govern activities.
Answer's to your questions or
concerns,
Call 248 684-9000 or
E-Mail us for further assistance
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1999-Present ©
Michigan Real Estate Today™
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