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Glossary
of Real Estate Terms
Glossary for "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.
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.
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