REAL ESTATE DICTIONARY
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BOND |
Any obligation under seal. A real estate bond is a written obligation, usually issued on security of a mortgage or a trust deed |
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BREACH OF CONTRACT |
Violation of any of the terms or conditions of a contract without legal excuse. |
| BROKER PRICE OPINION (BPO) | A real estate broker’s estimate of the price for which property can reasonably be sold. The broker price opinion is often much cheaper than a professional appraisal, but often just as good, or even more useful because it tells the owner at what price the property can successfully be marketed. |
| BUYDOWN |
An arrangement in which the seller of real estate pays some or all of the buyer’s loan costs, usually measured by increments of 1 percent of the loan called points. The seller pays enough points to the lender to permit it to offer the buyer’s loan at a reduced interest rate, which reduces the monthly payment. The cost to the seller is small, but the reduction in payments to the buyer is often quite substantial.
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| BALANCE OWED ON THE LOAN | The part of the original loan that remains unpaid by the borrower at a given point in time. |
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BALLOON PAYMENT |
A final payment on a note. It is usually substantially larger than any of the preceding installments |
| BANKRUPTCY | An action filed in a federal bankruptcy court that allows a creditor to reorganize or discharge credit obligations due to insolvency. A property owner may restrain foreclosure action by filing bankruptcy. |
| BEARER | Lender in whose hands the promissory note remains until it is paid in full |
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BENEFICIARY |
(1) One entitled to the benefit of a trust:(2) One who receives profit from an estate, the title of which is vested in a trustee:(3) The lender on a security of a note and deed of trust. |
| BENEFICIARY'S STATEMENT (“Benny Statement”) |
A written statement of the conditions and remaining balance of a loan secured by a deed of trust. |
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BEQUEATH |
To leave personal property to another by will. To leave real property by will is to devise. |
| BILL OF COMPLAINT | The initial paperwork filed in many states to begin a foreclosure. It is part of the process of filing a lawsuit. |
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BILL OF SALE |
A written instrument transferring title, right, and interest in personal property to another. |
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BINDER |
An agreement to cover an earnest money deposit for the purchase of real property as evidence of the purchaser's good faith and intention to complete the transaction. |
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BLANKET MORTGAGE |
A single mortgage which covets more than one piece of real estate. |
