Balloon MortgageA balloon mortgage is a loan that features consistent payment amounts with a large payoff, known as a balloon payment, due at the end(...)
Balloon PaymentA balloon payment is an installment payment due at the end of a loan term. Such loans don’t amortize at the end of the term, but(...)
Bargain and Sale DeedThis type of deed typically involves real estate sales or court seized properties. This deed transfers ownership much like the quit(...)
Bargain SaleA bargain sale refers to the selling of a good or service for an amount less than the fair market value. It can be considered a(...)
Base Flood ElevationThe computed elevation to which the flood is anticipated to rise during the base flood.
Basis PointA basis point represents the smallest unit of measurement for interest rates and other financial instruments. One basis point is equal(...)
Bathroom 1/2A bathroom consisting of a sink and toilet
Bathroom 3/4A bathroom consisting of sink, shower, toilet
Bathroom FullA bathroom consisting of a sink, tub, toilet and sometimes a shower
Batts InsulationInsulation batts and blankets are sold in bundles or rolls. When the insulation is cut into 4-ft. or 8-ft. lengths and sold in a(...)
Bill of SaleA bill of sale comprises written documentation of the sale or transfer of goods or property from one party to another. A bill of sale(...)
Biweekly MortgageA biweekly mortgage is a home loan for which the buyer makes payments every two weeks instead of once a month. The amount paid is(...)
Blanket InsuranceBlanket insurance is a type of insurance policy that insures the common areas of a condominium or townhome. It also covers the common(...)
Blanket MortgageA blanket mortgage is a financial product used to fund the purchase of two or more pieces of property. It is a common option used to(...)
BlockchainA growing list of records called blocks, that are linked creating an unchangeable ledger. Each block contains a secret digital(...)
Blown-In Insulationrefers to blowing or spraying insulation product into wall cavities, attics, and floors.
Board & Batten Sidingdescribes a type of exterior siding or interior paneling that has alternating wide boards and narrow wooden strips, called "battens."(...)
Board of EqualizationA board of equalization is a government body or agency responsible for hearing appeals from local citizens concerning property taxes.(...)
Bonnett RoofBonnet roofs are like a reverse Mansard roof. The lower slope hangs over the side of the house creating and excellent overhang for an(...)
Breach of ContractIn contract law, breach of contract, also called breach of agreement, refers to the violation of any term or condition of a binding(...)
Breach of CovenantBreach of covenant is the violation of an agreement or promise made in a written contract or property deed. It can refer to an express(...)
Breach of WarrantyIn real estate terms, a breach of warranty occurs when the transfer of title to a piece of property, sold by the seller to the buyer,(...)
Breakfast RoomA “breakfast room”, also known as a breakfast nook, is designed to be in close proximity to the kitchen. ... Typically, a breakfast(...)
Bridge LoanA bridge loan, also called a swing loan or gap financing, is a short-term loan used to buy assets or covers obligations until(...)
BrokerA broker is a person or firm who arranges transactions between a buyer and a seller for a commission when the deal is executed. A(...)
Builder's WarrantyA home builders warranty covers the major structural elements of a new home from physical damage that may occur. A builder warranty(...)
Building CodeA building code is a set of regulations written by city or county officials with the help of construction pros that governs the(...)
Building InspectorA building inspector is a government employee who reviews plans and visits construction sites to ensure all local and national(...)
Building PermitBuilding permits are written authorizations issued by a city or county to construct a project. They are required for most construction(...)
Bundle of RightsBundle of rights is a term used to describe the various interests and rights that a real estatetitle holder has in regard to(...)
Bungalow StyleA Bungalow is a low house, with a broad front porch, having either no upper floor or upper rooms set in the roof, typically with(...)
Butterfly RoofA Butterfly roof is angled up on the outside creating a V-shape which the two pieces meet in a valley in the midsection. Popular for(...)
Buyer BrokerBrokers are legally responsible for the actions of their agents, are licensed by the state to collect fees and to oversee negotiations(...)
Buyer’s AgentA buyer’s agent represents only the buyer in a real estate deal. When you buy a home, your buyer’s agent focuses his or her energy on(...)
Buyer’s MarketA buyer’s market occurs when there are more homes on the market than there are buyers. In a buyer’s market, buyers have more(...)
BylawsBylaws are the written rules that govern an organization. These guidelines control how the organization will operate and outline what(...)
