Saturday, May 18, 2024, 9:21 PM
Site: Burk Baker School of Real Estate & Appraising
Course: DEMO (DE101)
Glossary: Real Estate Glossary
B
BILATERAL CONTRACTA contract in which both parties have reciprocal obligations towards each other. |
BILL OF SALEA written instrument which passes title of personal property from seller to buyer. |
BINDERAn agreement to cover a down payment for the purchase of real estate as evidence of good faith on the part of the purchaser; shows the receipt of a deposit and outlines the basic terms of the transaction. |
BLANKET MORTGAGEOne mortgage covering two or more specific parcels of real estate. |
BLOCKBUSTINGThe discriminatory practice of encouraging members of one race or creed to move into a neighborhood, and then exploiting the situation by persuading residents to sell their houses at deflated prices because of the alleged social deterioration of the neighborhood. |
BONA FIDEIn good faith, without fraud; genuine; real. |
BOND FOR DEED - Civil Law Term:An instrument used in conveying Louisiana properties whereby the seller retains title after execution until such time as a designated amount has been paid in by the buyer (deemed the bond) at which time title passes and the seller assumes the position of a mortgagee with a security interest and the buyer-mortgagor assumes title. |
BREACH OF CONTRACTViolation of any of the terms or conditions of a contract; default; non-performance. |
BROKERA licensed person who negotiates the purchase and sale of real estate for another. |
BUDGET MORTGAGEA mortgage with payments that cover principal and interest, plus taxes, fire insurance, lease rent, etc. |