Glossary of terms used on this site
There are 149 entries in this glossary.B
| Term | Definition |
|---|---|
| Back Title |
A copy of the last title insurance policy or title report issued by a title insurer, which describes the title to land upon which a new search is to be made. In some states, this is called the "starter". |
| Balloon Note |
A promissory note with amortization payments scheduled for a long term, usually 30 years, but maturing in a shorter term, often five to seven years. It requires a substantial final balloon payment for the remaining principal. |
| Balloon Payment |
The final payment (balance due) of a balloon note. |
| Baluster |
The supporting posts of a handrail in a staircase. |
| Bankruptcy |
A federal court proceeding under the U.S. bankruptcy laws where an insolvent debtor either has its estate liquidated and its debts discharged or is allowed to reorganize its affairs under the protection of the bankruptcy court. |
| Base Property |
Private property owned by a cattle owner, required before a permit will be issued to allow the cattle to graze on public land. |
| Base Title |
A title to an area or tract out of which parts are subsequently conveyed or from which a subdivision or development is made. Also called "basic title." |
| Basis |
The starting point for determining gain or loss in any transaction. In general, basis is the cost of the taxpayer's property. |
| Basis Point |
A finance term meaning a yield of 1/100th of 1% annually. |
| Batture Land |
The land between a river bank and the water's edge when the water level is lower than normal. |
| Beneficiary |
A person or entity advancing funds which are to be repaid, when a Deed of Trust is used as the security for the repayment of a loan or other obligation. See Deed of Trust. |
| Bona Fide Purchaser |
A buyer who buys property in good faith, for fair value, and without notice of any adverse claims or right of third parties. |
| Breach of Contract |
Failure to perform a contract, in whole or part, without legal excuse. |
| Buydown |
A payment to the lender from the seller, buyer, third party, or some combination of these, causing the lender to reduce the interest rate during the early years of a mortgage (deed of trust) loan. The buydown usually applies during the first one to five years of the mortgage (deed of trust) loan. |