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| Binder
- An agreement between a buyer and seller to purchase real estate. A binder, also known as an offer to purchase or a sales contract, secures the right to purchase real estate upon agreed terms for a limited period of time. If the buyer changes his mind or is unable to purchase, the earnest money that was paid is forfeited unless the binder expressly provides that it is to be refunded. |
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| Binder Deposit
- A sum of cash paid to a seller by a buyer prior to the closing to show that the buyer is serious about buying the house. The binder deposit is deducted from the purchase price at closing and is not an additional cost. Sometimes referred to as earnest money. |
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| Blanket Insurance Policy
- A single policy that covers more than one piece of property (or more than one person). |
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| Blanket Mortgage
- A single mortgage that is secured by more than one parcel of real estate. |
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| Bona Fide
- In good faith without fraud. |
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| Bond
- An interest-bearing certificate that serves as evidence of a debt with a maturity date. Typically, bonds represent obligations of a government or business corporation. A real estate bond is a written obligation, usually secured by a mortgage or deed of trust. |
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| Breach of Contract
- A violation of the terms of any legal obligation or agreement. |
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| Bridge Loan
- Sometimes called a "swing loan", a bridge loan is generally a loan that is secured by a borrower's current residence to obtain the funds needed to purchase a new home if the current residence will not be sold prior to the purchase of a new home. |
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| Broker
- A state-licensed agent who, for a commission or a fee, represents property owners in real estate transactions. |
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| Budget
- A detailed plan of income and expenses estimated over a specified period of time. Budgets provide guidelines for managing costs and profits. |
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| Budget Category
- A category of income or expense data that you can use in a budget. |
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| Building Code
- Regulations established by local governments that control design, construction and materials used in construction. Building codes are usually based on standardized health and safety guidelines. |
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| Business Days
- Check with your lending institution to find out what days it considers as business days under the Truth in Lending and Electronic Fund Transfer Acts. Usually excludes weekends and holidays. |
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| Buy-down Account
- An account in which money is held so that it can be applied to the monthly mortgage payments, as each payment comes due, during the period that an interest rate buy-down plan is in effect. |
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| Buydown
- A process that allows a borrower to obtain a lower interest rate on a mortgage by paying points to a lender. A temporary buydown will reduce the interest rate paid during the first few years of the loan. A permanent buydown reduces the interest rate over the entire life of the loan. |
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