| Back fill |
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| Soil used to solidify the foundation of a structure. |
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| Back title letter |
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| A letter that a title insurance company gives to an attorney who then examines the title for insurance purposes. |
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| Back-to-back escrow |
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| Arrangements that an owner makes to oversee the sale of one property and the purchase of another at the same time. |
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| Backup offer |
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| A secondary bid for a property that the seller will accept if the first offer fails. |
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| Backwater valve |
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| A valve in a sewer line that prevents sewage from flowing back into a house. |
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| Balance sheet |
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| A statement that shows the assets, liabilities and net worth of an individual. |
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| Balloon loan |
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| 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. |
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| Balloon payment |
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| The final lump sum payment due at the end of a balloon mortgage. |
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| Balloon-frame construction |
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| A type of framing used in two-story homes in which studs extend from the ground to the ceiling of the second floor. |
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| Balustrade |
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| Railing held up by a set of posts on a porch or stairway. |
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| Bankruptcy |
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| 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. |
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| Bargain sale |
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| The sale of a piece of property for less than market value. |
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| Baseboard |
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| Any board or molding found at the bottom of an interior wall. |
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| Baseboard electric heat |
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| Heating units installed in the floor that can be controlled by a central thermostat. |
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| Basement |
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| The area of a home below ground level. |
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| Basis Point |
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| 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. |
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| Bay |
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| The opening between two columns or walls that forms a space. |
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| Bay window |
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| A window that projects outward in a curve. |
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| Bearing wall |
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| A wall that supports its own weight in addition to other parts of a structure. |
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| Before-tax income |
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| Total income before taxes are deducted. |
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| Beneficiary |
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| The lender who makes a loan, also called a mortgagee. The person borrowing money is the mortgagor. |
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| Bequest |
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| Personal property given to a person through a will. |
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| Betterment |
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| An improvement that increases a property's value as opposed to repairs that maintain the value. |
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| Bidding war |
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| Offers from multiple buyers for a piece of property. Agents also sometimes compete to list a house for sale. |
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| Bilateral contract |
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| A contract in which the parties involved give mutual promises. Also called "reciprocal" contracts. |
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| Bill of sale |
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| A document that transfers ownership of personal property. |
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| Binder |
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| 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. |
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| Biweekly mortgage |
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| A mortgage that requires payments every two weeks and helps repay the loan over a shorter term. |
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| Blanket insurance policy |
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| A policy that covers more than one person or piece of property. |
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| Blanket mortgage |
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| A mortgage that covers more than one property owned by the same borrower. |
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| Blighted area |
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| A neighborhood that has deteriorated. |
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| Blind nailing |
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| Nails driven into a wall and concealed with putty. |
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| Blue sky laws |
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| Regulations on the sale of securities to prevent consumers from investing in fraudulent or high-risk companies without being informed of the risks. |
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| Blue-ribbon condition |
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| A house maintained close to its original condition. Also called mint condition. |
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| Blueprint |
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| Board foot |
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| Measurement of lumber that is the equivalent of 144 cubic inches. |
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| Board of Equalization |
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| A state board charged with ensuring that local property taxes are assessed in a uniform manner. |
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| Board-and-batten siding |
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| Siding is composed of 8- to 12-inch wide wooden boards nailed vertically to create a barn-like exterior. |
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| Boilerplate |
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| Form language used in deeds, mortgages and other documents. Details can be added by individual parties. |
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| Bona fide |
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| A legal term that refers to actions or persons that are honest and in good faith. |
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| Bond |
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| An agreement that insures one party against loss by acts or defaults of another party. |
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| Book value |
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| The value of a property as a capital asset based on its cost plus any additions, minus depreciation. |
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| Boring test |
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| An analysis of soil in which holes are bored into the ground and samples are removed. |
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| Borough |
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| A section of a city that has authority over local matters. |
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| Borrow |
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| Sand, gravel or other material used for grading. |
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| Borrow pit |
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| The hole at a site that has been excavated. |
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| Boulevard |
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| A street lined with trees or constructed with a landscaped median. |
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| Boundary |
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| The dividing line between two adjacent properties. |
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| Braced framing |
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| A construction method in two-story homes in which the frame is reinforced with posts and braces. |
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| Breach of contract |
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| The failure to perform provisions of a contractwithout a legal excuse. |
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| Breach of covenant |
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| The failure to obey a legal agreement. |
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| Breach of warranty |
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| A seller's inability to pass clear title to a buyer. |
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| Break-even point |
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| The point in which the owner's rental income matches expenses and debt. |
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| Breast height |
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| The height at which the diameter of a tree is measured: four feet, six inches above the ground. |
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| Breezeway |
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| A roofed passageway with open sides. |
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| Brick |
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| Building material made from clay molded into oblong blocks and fired in a kiln. |
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| Bridge loan |
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| A short-term loan for borrowers who need more time to find permanent financing. |
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| Broker |
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| A person licensed by the state to deal in real estate. |
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| Brokerage |
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| The act of bringing together two or more parties in exchange for a fee or commission. |
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| Broom clean |
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| The ideal condition of a building when it is turned over to an owner or tenant. |
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| Brownstone |
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| A vintage row house constructed of red sandstone. |
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| Buffer strip |
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| A parcel of land that separates two or more properties. |
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| Builder upgrades |
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| Extra house features or better finishing materials that a builder offers. |
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| Building and loan association |
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| An organization that raises money to helps its members purchase real estate or construct a building. |
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| Building code |
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| A comprehensive set of laws that controls the construction or remodeling of a home or other structure. |
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| Building inspector |
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| A city or county employee who enforces the building code and ensures that work is correctly performed. |
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| Building line or setback |
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| Guidelines that limit how close an owner can build to the street or an adjacent property. |
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| Building moratorium |
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| A halt on home construction to slow the rate of development. |
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| Building paper |
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| A thick, water-resistant paper that serves as insulation. |
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| Building permit |
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| A permit issued by a local government agency that allows the construction of home or renovation of a house. |
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| Building restrictions |
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| Regulations that limit the manner in which property can be used. |
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| Built-ins |
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| Appliances or other items that are framed into a home or permanently attached. |
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| Bulkhead |
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| A retaining wall designed to hold back water from the ocean or another body of water. |
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| Bundle of rights |
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| The various interests or rights an owner has in a property. |
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| Bungalow |
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| A small one-story house or cottage. |
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| Butterfly roof |
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| A roof formed by two gables that dip in the middle to resemble a butterfly's wings. |
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| Buy-down mortgage |
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| 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. |
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| Buyer broker |
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| 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. |
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| Buyer's market |
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| A slow real estate market in which buyers have the advantage. |
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| Buyer's remorse |
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| An emotion felt by first-time homebuyers after signing a sales contract or closing the purchase of a house. |
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| Bylaws |
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| The rules and regulations that a homeowners association or corporation adopts to govern activities. |
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