Base Rent
A set amount used as a minimum rent in a lease with provisions for increasing the rent over the term of the lease.
Beneficiaries
The legal entities/entity who receive the property.
Buyer pool
The entire market of prospective home buyers in a specific area who are looking for a home.
Bylaws
The rules and regulations govern activities that a corporation adapts to.
Blanket Mortgage
A mortgage that covers more than one property owned by the same borrower.
Biweekly mortgage
A type of mortgage in which the installments are paid every two weeks instead of once a month.
Balloon mortgage
A mortgage loan that requires the remaining principal balance to be paid at a specific point in time.
Balloon payment
The final lump sum payment that is due at the termination of
a balloon mortgage.
Breach of Contract
An act or omission contrary to specific agreement as laid out in the contract.
Broker
A broker is anyone who acts as an agent, bringing two interested parties together for property transaction. He earns commission over the exchanged money.
Bailment
A temporary transfer of position.
Buydown
A fixed - rate mortgage where the interest rate on the mortgage is lowered, either temporarily or for the entire term of the loan. The interest rate on the loan amount is 'bought' for a certain period. To make up the difference between the rate actually charged on the mortgage and the rate at which the buyer pays, often points are paid up front.
Buyer motive
Real estate satisfies certain basic human needs. These needs are what motivate a person to purchase real property. They include comfort and convenience, desire for profit, pride of ownership and security.