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Balloon Mortgage

A mortgage that is paid off in one lump sum at the end of a specified term.

Balloon Payment

A lump-sum payment at the end of a balloon mortgage term that pays the loan in full.

Bargain and Sale Deed

A deed that conveys all of the owner's interest in the property. This deed does not include warranties, but that the grantor has possession or claim to the property conveyed.

Base Salary

A salary that does not include allowances or deductions.

Bill of Lading (BL)

The original shipping contract that lists the dates, services and actual charges involved in a move and the receipt for a customer's belongings.

Bill of Sale

A document transferring personal property from one person to another.

Billable Charges

Net charges billed.

Billing Weight

The weight on which all charges are based.

Binder

An agreement between the buyer and seller for the purchase of property, stating the buyer's good faith and intentions. A deposit of earnest money is used to secure the binder. The binder is temporary until a formal agreement is prepared. See Agreement of Sale.

Bi-weekly Payment Loan

A mortgage that is paid every two weeks (26 half-month payments a year) instead of once a month. This type of loan has an earlier retirement date and lower total interest costs than a typical loan.

Blanket Mortgage

A single mortgage that covers more than one piece of real estate. A blanket mortgage may be used by a land developer who will sell individual lots out of one piece of land, or when a person purchases a home and the lot adjacent to it.

Blended Rate

An interest rate that is determined by the average of a low-interest rate and a high-interest rate that is often used with a wraparound mortgage.

Blighted Areas

An area with decreasing property values, usually in inner cities, because of adverse land uses, depreciating buildings or lower economic influences.

Blue Bark

A shipment belonging to a deceased member of the military.

Bona Fide

Made in good faith without fraud or deceit.

Bond

A written commitment to pay a debt that accompanies a mortgage. This obligation to pay a debt can be secured or unsecured.
An interest-bearing document used to fund projects like community improvements. See Note.

Bonded warehouse

A warehouse authorized by Customs authorities for storage of goods on which payment of duties is deferred until the goods are removed.

Borrower

A person who receives a loan with the expressed intention of repaying it in full.

Breach of Contract

The violation or default of a contract due to not performing a particular task.

Bridge Loan

A loan issued to the borrower on a short-term basis (usually about 30, 60 or 90 days) as a temporary advancement until major financing is received, possibly to purchase a new home before the old home is sold.

Broker

See Real Estate Broker or Customhouse Broker.

Broker Price Opinion (BPO)

A method used by a third-party company to estimate the price a property would sell for in the present market. Also called Opinion of Value.

Brokerage

A party that arranges transportation for a customer.
The bringing together of parties for completion of a real estate transaction.

Brokerage Commission

See Commission.

Building Line

A fixed line on a property marking the distance beyond which no building construction/improvement may occur.

Bundle of Rights

The owner's rights to a property. These rights include, but are not limited to, the right to use, sell, lease or rent, trade or exchange, and give away the property.

Bunker

To provide fuel for an oceangoing vessel.

Bunker Surcharge

An extra fee by a steamship line when there is an increase in the price of fuel. It is normally assessed as a percentage of the base freight rate.

Buy-Down

A technique used to reduce the buyer's payments for a loan by lowering the effective interest rate. A permanent buy-down reduces payments for the entire term of the loan and a temporary buy-down reduces the payments for a period of about three-to-five years.