Bylaws: The set of rules that a home owner’s association sets forth that govern home owner activity.
Buyer’s Remorse: This emotional situation arises when an individual experiences discontent or regret with the purchase of a property after the individual has finalized the purchase.
Buyer’s Market: Term used to describe a real estate market which favors property buyers.
Buyer Representation Agreement: An agreement between a real estate buyer and a broker/real estate agent that establishes the scope of the services provided and the responsibilities of the buyer.
Buyer Agent:: This term is commonly used to describe the entity or individual that represents an entity or individual that is purchasing a property. Generally speaking, a buyer agent assists the buyer in finding the right property, making offers, agreement negotiations, document assistance and closing.
Building Code: Sets of laws and regulations that dictate how a dwelling or building is built or remodeled.
Bridge Loan: Short term loan designed to enable a borrower to procure long term financing.
Break Even: General term used by real estate investors who rent their properties to define what is the required income by a rental property to service debt and expenses.
Boundary: The line that separates two adjacent properties.
Borrower: Individual or organization that receives funds from a lender for the purchase of a property. The property is used as collateral to secure the loan.
Book Value: The calculation of the value of a property derived from its cost, plus the cost of any capital improvements, minus depreciation.
Bill of Sale: A document that details the exchange of ownership of real property.
Bequest: Property that an individual receives through the execution of a will.
Bay View: A property that offers physical views of a bay but is not necessarily by the bay.
Basis Point: General term used to describe a 1/100 of 1 percentage point.
Basement: Section of a home/dwelling that is located below ground level.
Bankruptcy: A legal process in which an individual or legal entity that is not able to make debt payments can be absolved from payment of debts. Individuals that file for bankruptcy will have the bankruptcy filing on their credit records for 7 years and will affect their future ability to borrow funds.
Bank Owned (REO): A bank owned property is one that went through the foreclosure process and then through the auction process and could not be sold. Hence, the bank is now the owner of the property and it is also known as REO (real estate owned.)
Balloon Payment: Term referred to describe the last payment in a balloon mortgage that liquidates the mortgage/loan.
Balloon Mortgage: A type of loan that allows the borrower to make low payments for a short period of time and then one final large payment to pay off the loan amount.
Balance Sheet: A financial statement that reflects the assets, liabilities and equity of an individual (generally referred to as Net Worth.)
Backup Offer: An alternative offer that a property seller will accept if the first accepted offer does not go through.
