A B C D E F G H I J K L M N O P Q R S T U V X Y Z

Back fill

• Soil used to solidify the foundation of a structure.
  

Back title letter

• A letter that a title insurance company gives to an attorney who then examines the title for insurance purposes.
  

Back-to-back escrow

• Arrangements that an owner makes to oversee the sale of one property and the purchase of another at the same time.
  

Backup offer

• A secondary bid for a property that the seller will accept if the first offer fails.
  

Backwater valve

• A valve in a sewer line that prevents sewage from flowing back into a house.
  

Balance sheet

• A statement that shows the assets, liabilities and net worth of an individual.
  

Balloon-frame construction

• A type of framing used in two-story homes in which studs extend from the ground to the ceiling of the second floor.
  

Balloon loan

• A mortgage in which monthly installments are not large enough to repay the loan by the end of the term. As a result, the final payment due is the lump sum of the remaining principal.
  

Balloon payment

• The final lump sum payment due at the end of a balloon mortgage.
  

Balustrade Railing

• held up by a set of posts on a porch or stairway.
  

Bankruptcy

• A proceeding in which an insolvent debtor can obtain relief from payment of certain obligations. Bankruptcies remain on a credit record for seven years and can severely limit a person's ability to borrow.
  

Bargain sale

• The sale of a piece of property for less than market value.
  

Baseboard

• Any board or molding found at the bottom of an interior wall.
  

Baseboard electric heat

• Heating units installed in the floor that can be controlled by a central thermostat.
  

Basement

• The area of a home below ground level.
  

Basis Point

• A basis point is one one-hundredth of one percentage point. For example, the difference between a loan at 8.25 percent and a mortgage at 8.37 percent is 12 basis points.
  

Bay

• The opening between two columns or walls that forms a space.
  

Bay window

• A window that projects outward in a curve.
  

Bearing wall

• A wall that supports its own weight in addition to other parts of a structure.
  

Beneficiary

• The lender who makes a loan, also called a mortgagee. The person borrowing money is the mortgagor.
  

Before-tax income

• Total income before taxes are deducted.
  

Bequest

• Personal property given to a person through a will.
  

Betterment

• An improvement that increases a property's value as opposed to repairs that maintain the value.
  

Bidding war

• Offers from multiple buyers for a piece of property. Agents also sometimes compete to list a house for sale.
  

Bilateral contract

• A contract in which the parties involved give mutual promises. Also called "reciprocal" contracts.
  

Bill of sale

• A document that transfers ownership of personal property.
  

Binder

• A report issued by a title insurance company that details the condition of a home's title. and provides guidelines for a title insurance policy.
  

Biweekly mortgage

• A mortgage that requires payments every two weeks and helps repay the loan over a shorter term.
  

Blanket insurance policy

• A policy that covers more than one person or piece of property.
  

Blanket mortgage

• A mortgage that covers more than one property owned by the same borrower.
  

Blighted area

• A neighborhood that has deteriorated.
  

Blind nailing

• Nails driven into a wall and concealed with putty.
  

Blue-ribbon condition

• A house maintained close to its original condition. Also called mint condition.
  

Blue sky laws

• Regulations on the sale of securities to prevent consumers from investing in fraudulent or high-risk companies without being informed of the risks.
  

Board-and-batten siding

• Siding is composed of 8- to 12-inch wide wooden boards nailed vertically to create a barn-like exterior.

Board foot

• Measurement of lumber that is the equivalent of 144 cubic inches.
  

Board of Equalization

• A state board charged with ensuring that local property taxes are assessed in a uniform manner.
  

Boilerplate Form

• language used in deeds, mortgages and other documents. Details can be added by individual parties.
  

Bona fide

• A legal term that refers to actions or persons that are honest and in good faith.
  

Bond

• An agreement that insures one party against loss by acts or defaults of another party.
  

Book value

• The value of a property as a capital asset based on its cost plus any additions, minus depreciation.
  

Boring test

• An analysis of soil in which holes are bored into the ground and samples are removed.
  

Borough

• A section of a city that has authority over local matters.
  

Borrow

• Sand, gravel or other material used for grading.
  

Borrow pit

• The hole at a site that has been excavated.
  

Boulevard

• A street lined with trees or constructed with a landscaped median.
  

Boundary

• The dividing line between two adjacent properties.
  

Braced framing

• A construction method in two-story homes in which the frame is reinforced with posts and braces.
  

Breach of contract

• The failure to perform provisions of a contractwithout a legal excuse.
  

Breach of covenant

• The failure to obey a legal agreement.
  

Breach of warranty

• A seller's inability to pass clear title to a buyer.
  

Break-even point

• The point in which the owner's rental income matches expenses and debt.
  

Breast height

• The height at which the diameter of a tree is measured: four feet, six inches above the ground.
  

Breezeway

• A roofed passageway with open sides.
  

Brick

• Building material made from clay molded into oblong blocks and fired in a kiln.
  

Bridge loan

• A short-term loan for borrowers who need more time to find permanent financing.
  

Brokerage

• The act of bringing together two or more parties in exchange for a fee or commission.
  

Broker

• A person licensed by the state to deal in real estate.
  

Broom clean

• The ideal condition of a building when it is turned over to an owner or tenant.
  

Brownstone

• A vintage row house constructed of red sandstone.
  

Buffer strip

• A parcel of land that separates two or more properties.
  

Building and loan association

• An organization that raises money to helps its members purchase real estate or construct a building.
  

Building code

• A comprehensive set of laws that controls the construction or remodeling of a home or other structure.
  

Building inspector

• A city or county employee who enforces the building code and ensures that work is correctly performed.
  

Building moratorium

• A halt on home construction to slow the rate of development.
  

Building paper

• A thick, water-resistant paper that serves as insulation.
  

Building permit

• A permit issued by a local government agency that allows the construction of home or renovation of a house.
  

Builder upgrades

• Extra house features or better finishing materials that a builder offers.
  

Building line or setback

• Guidelines that limit how close an owner can build to the street or an adjacent property.
  

Building restrictions

• Regulations that limit the manner in which property can be used.
  

Built-ins Appliances

• or other items that are framed into a home or permanently attached.
  

Bulkhead

• A retaining wall designed to hold back water from the ocean or another body of water.
  

Bundle of rights

• The various interests or rights an owner has in a property.
  

Bungalow

• A small one-story house or cottage.
  

Butterfly roof

• A roof formed by two gables that dip in the middle to resemble a butterfly's wings.
  

Buy-down mortgage

• A home loan in which the lender receives a premium as an inducement to reduce the interest rate during the early years of the mortgage.
  

Buyer broker

• A real estate broker who exclusively represents the buyer's interests in a transaction and whose commission is paid by the buyer rather than the seller.
  

Buyer's market

• A slow real estate market in which buyers have the advantage.
  

Buyer's remorse

• An emotion felt by first-time homebuyers after signing a sales contract or closing the purchase of a house.
  

Bylaws

• The rules and regulations that a homeowners association or corporation adopts to govern activities.

If you are buying or selling a home in Mississauga or Brampton area, you've got to have Martin as your Mississauga, Ontario Real Estate Agent.   Martin has earned the respect and admiration of his most important critics; his clients.  Martin sells all types of residential properties: houses, condominiums, townhouses and waterfront.