Backup Offer
An offer made on a property when an offer is already in place or under consideration. The purpose of the backup offer is to be in position in the event that the initial offer fails for any reason. |
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Balloon Mortgage
Behaves like a fixed-rate mortgage for a set number of years (usually five or seven) and then must be paid off in full in a single "balloon" payment. Balloon loans are popular with those expecting to sell or refinance their property within a definite period of time. |
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Balloon Payment
The final lump sum that is paid at the end of the balloon mortgage. |
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Basis Point
Equal to 100 of one percent of the loan amount |
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Bill of Sale
A document stating that something has been sold or transferred to the ownership of another party, in exchange for consideration. |
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Blue Print
A photographic print composed of white lines on a blue background containing detailed construction or architectural drawings. |
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Breach of Contract
Describes the failure of one party in a contract to carry out any or all portions of the agreement without any pre-agreed upon justification. |
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Broker
In real estate, a person licensed by the state to engage in the business of real estate transactions. |
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Building Code
Set of standards established and enforced by local government for the structural safety of buildings. |
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Building Permit
Official certificates of permission issued by local authorities allowing for the construction, enlargement, or altering of a structure. |
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Buydown
A situation where, usually either the seller or lender, makes a payment on behalf of the buyer, which effectively reduces the interest rate during the early time period of the loan. |
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Buyers Market
A situation, which favors the buyer due to more houses being on the market than the number of interested or able buyers. Motivated sellers then tend to reduce their price. |
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