A mortgage that is paid off in one lump sum at the end of a specified term.
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.
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.
Net charges billed.
The weight on which all charges are based.
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.
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.
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.
An area with decreasing property values, usually in inner cities, because of adverse land uses, depreciating buildings or lower economic influences.
A shipment belonging to a deceased member of the military.
Made in good faith without fraud or deceit.
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.
A warehouse authorized by Customs authorities for storage of goods on which payment of duties is deferred until the goods are removed.
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.
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.
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.
A party that arranges transportation for a customer.
The bringing together of parties for completion of a real estate transaction.
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.
To provide fuel for an oceangoing vessel.
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.
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.