REAL ESTATE DICTIONARY


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back title letter
A letter that a title insurance company gives to an attorney who then examines the title for insurance purposes.
back-end ratio
A lender calculation that compares a borrower's total debt (principal, interest, property taxes, and insurance, plus other monthly debt payments) to gross monthly income.
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.
backerboard
A rigid board used beneath tile.
backfill
Soil used to solidify the foundation of a structure.
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backsplash
The area behind and above a countertop, typically covered to prevent water from splashing onto the wallboard.
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.
baffle
A device used as a heat shield to deflect the byproducts of combustion.
balance sheet
A statement that shows the assets, liabilities, and net worth of an individual.
ball cock
One type of inlet valve assembly inside a toilet tank that, when opened automatically, fills the tank with water.
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ballcock assembly
The toilet tank mechanism that controls flushing.
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.
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.
baluster
Intermediate vertical support for a stair railing, often made from turned hardwood.
balustrade
Railing held up by a set of posts on a porch or stairway.
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bankruptcy
A proceeding in which an insolvent debtor can obtain relief from payment of certain obligations. Bankruptcies remain on a credit record for seven to 10 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.
base loan amount
The amount upon which loan payments are based. If the borrower finances his or her closing costs, those costs will be added to the base loan amount.
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.
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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.
batten
A narrow piece of material used on the outside of a house to cover joints in walls.
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.
before-tax income
Total income before taxes are deducted.
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beneficiary
The lender who makes a loan, also called a mortgagee. The person borrowing money is the mortgagor.
bequest
Personal property given to a person through a will.
berm
A built-up lip of concrete designed to prevent runoff water from entering the garage or driveway.
betterment
An improvement that increases a property's value as opposed to repairs that maintain the value.
betterment
An improvement that increases the property's value.
bi-level
A home that has two levels. Typically, a garage or storage area is situated in the lower level and the home in the upper section. Most bi-level structures were built after 1950.
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bi-metal coil
Part of a mechanical thermostat. Consists of two different types of metal that expand and contract at two different rates with changes in room temperature.
bid out
The process that contractors use to estimate the cost of a house or project before it is completed.
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 a reciprocal contract.
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.
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binder
A preliminary agreement between buyer and seller.
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.
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blockbusting
The illegal practice of inducing homeowners to sell their properties by making representations regarding the entry of a particular race into the neighborhood.
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.
blueprint
The plan for a home or other structure.
board and batten
A type of siding composed of vertical boards and batten slats that cover wall joints.
board foot
Measurement of lumber that is the equivalent of 144 cubic inches.
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board of equalization
A state board charged with ensuring that local property taxes are assessed in a uniform manner.
board-and-batten siding
Siding composed of 8- to 12-inch-wide wooden boards nailed vertically to create a barn-like exterior.
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.
bonus room
A room with no specifically designated function, unlike a living room, bedroom, or kitchen.
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book value
The value of a property as a capital asset based on its cost plus any additions, minus depreciation.
boot
A piece of sheet metal that connects a heating or cooling duct and a vent.
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.
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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.
bracing
The technique used to reinforce a structure.
branch circuit
An electrical circuit with its own circuit breaker in the service panel.
breach of contract
The failure to perform provisions of a contract without a legal excuse.
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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.
breezeway
A roofed passageway with open sides.
brick
Building material made from clay molded into oblong blocks and fired in a kiln.
brick veneer
A brick facade on a wall or fireplace.
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bridge loan
A short-term loan for borrowers who need more time to find permanent financing.
broker
Anyone who acts as a go-between. A real estate broker is licensed to handle property transactions and operate a brokerage firm. A mortgage broker is an individual or firm that matches borrowers to lenders and loan programs for a fee.
brokerage
The act of bringing together two or more parties in exchange for a fee or commission. Real estate brokerages are firms or companies that are licensed to conduct real estate transactions.
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.
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buildability
The feasibility of constructing a home or other structure on a piece of land. Parcels for which a building permit cannot be obtained may be considered "unbuildable."
builder upgrades
Extra features or better finishing materials offered by a builder.
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 line or setback
Guidelines that limit how close an owner can build to the street or an adjacent property.
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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 or renovation of a house.
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 other body of water.
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bundle of rights
The various interests or rights an owner has in a property.
bungalow
A small one-story house or cottage.
butt
The way in which two boards meet so that the ends touch in a continuous line.
butterfly roof
A roof formed by two gables that dip in the middle to resemble a butterfly's wings.
buydown 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's agent
An agent representing a buyer in a home purchase, either as a single agent or as an exclusive buyer's broker.
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buyer's broker
A real estate broker who exclusively represents the buyer's interests in a transaction and whose commission is paid either by the buyer or through the seller or listing broker at closing.
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.
Buyers Resource Real Estate
National buyer's brokerage company with offices in 13 states. Call (800) 359-4092 for information and referrals.
Buyers' Home Finding Network
National referral service for buyer's brokers only. Call (800) 500-3569 for information and referrals.
bylaws
The rules and regulations that a homeowners association or corporation adopts to govern activities.
Easy as 123
1. Submit Your Project
2. Contractors Bid On It!
3. Approve the Bid You Like!

Easy!
exterior

Short Desc : painting of exterior

Bid Range : $2500

Windows and Doors
in Ashland

Short Desc : Homeowner needs to have a window repaired. Ready to secure a contractor.

Bid Range : $500

Windows and Doors
in Hampton

Short Desc : Homeowner needs to replace 1 window in their home. Ready to secure a contractor.

Bid Range : $500

Painting and Wallcovering
in Fort Pierce

Short Desc : Homeowner needs to have wallpaper installed/removed. Ready to secure a contractor.

Bid Range : $5000

Roofing
in Palm Beach Gardens

Short Desc : Homeowner needs to have the shingle roof replaced on their 1461 sq ft. home. Ready to secure a contractor.

Bid Range : $5000

Windows and Doors
in Port Saint Lucie

Short Desc : Homeowner needs to replace 8 windows in their home. Ready to secure contractor. Spoke with Thomas. Project details were confirmed. He is looking to begin his project as soon as possible.

Bid Range : $1000

Roofing
in Stafford

Short Desc : Roof over deck low pitch small leak in corner 12 x 12 need redone probably with rolled roofing

Bid Range : $2500

Remodeling and Room Additions
in Port Saint Lucie

Short Desc : Homeowner needs to have their 280 sq ft carport enclosed to form a bedroom and a bathroom. Will require plumbing work for the bathroom. Ready to secure a contractor.

Bid Range : $10000

Remodeling and Room Additions
in Richmond

Short Desc : Homeowner needs to add 140 sq ft onto their 1460 sq ft home. Project will be extending their 140 sq ft master bedroom into 280 sq ft. They will need help with the plans and permits.

Bid Range : $50000

Remodeling and Room Additions
in Leonardtown

Short Desc : Adding a second floor to include a master bedroom, master bath, and a guest room. Would like to add a backyard deck & wrap around porch. As well as remodel current bathrooms.

Bid Range : $200000

Remodeling and Room Additions
in Richmond

Short Desc : Homeowner needs to have an addition built on their 2,306 sq ft home. Will need help with plans and permits. Ready to secure a contractor.

Bid Range : $5000

Decks
in Sandston

Short Desc : A deck about 3/4 the length of the back of the house. A bench built into the deck as an option. A lattice looking ceiling/roof to minimize sunlight as an option.

Bid Range : $10000

Bathroom Remodeling
in Colonial Heights

Short Desc : Homeowner needs to have flooring laid in her 40 sq ft bathroom. Will need installation of bathtub, shower and sink.

Bid Range : $10000

Painting and Wallcovering
in Virginia Beach

Short Desc : We need a painter for a medical office.

Bid Range : $2500

Remodeling and Room Additions
in Colonial Beach

Short Desc : Customer needs to remodel their entire 820 sq ft home due to water damage. Project to include replacing an exterior wall, drywall, painting, flooring, and fixtures. May need minor electric. Spoke with Sean and project confirmed. Needs to remodel 820sq ft home due to water and fire damage. Need to prepare house to sell. Will include replacing an exterior wall, drywall, painting, flooring and fixtures. Would like to start ASAP and can be reached at anytime.

Bid Range : $25000

Windows and Doors
in Louisa

Short Desc : I am interested in possibly tinting the windows in the front room(s) of my Lake House, may add all windows depending on price.

Bid Range : $5000

Remodeling and Room Additions
in Leonardtown

Short Desc : Adding a second floor to include a master bedroom, master bath, and a guest room. Would like to add a backyard deck & wrap around porch. As well as remodel current bathrooms.

Bid Range : $200000

Windows and Doors
in Stafford VA 22556

Short Desc : I want to install two basic, glass, sliding doors for a patio deck and basement patio in my house. I will purchase doors and have them at the site. I need professional measurement to help chose the correct size door and to install them for me. Spoken to homeowner. Looking to start as soon as in contact with a contractor. Can be contacted any time on cellphone.

Bid Range : $2500

Windows and Doors
in Port Saint Lucie

Short Desc : Homeowner needs to install windows on two of their homes. One home is 1300 sq. ft and needs eight windows installed. The other is 1000 sq. ft. and needs 7 windows installed.

Bid Range : $500

Roofing
in Newport News

Short Desc : Homeowner needs to have the tar roof on their 1,500 sq ft home replaced. Ready to secure a contractor. I spoke to Tee, who is looking to start ASAP, and can be contacted in the mornings, 1500 tar roof replaced. There was patch work done 10 years ago fixing up some rotting place`s. That wasn`t done right. Would like the whole roof done.

Bid Range : $10000

Bathroom Remodeling
in Fredericksburg

Short Desc : To

Bid Range : $10000

Remodeling and Room Additions
in Petersburg

Short Desc : Remodeling kitchen. Need cabinets, counters, ceramic tile, paint, and install a new dishwasher. Currently no dishwasher.

Bid Range : $10000

Paving and Patios
in Glen Allen

Short Desc : We would like a 100 to 120 sq ft walkway/patio built between our deck and driveway made of mortorless paving stone if not too expensive Arleen would like to get her project started asap.

Bid Range : $2500

Remodeling and Room Additions
in Newport News

Short Desc : Homeowner needs to add onto their 2500 sq ft home. The addition will be a second story. They will need help with plans and permits.

Bid Range : $25000

Remodeling and Room Additions
in Mineral

Short Desc : Need to be put in touch with a contractor in the mineral area. Please call at the number provided and we can discuss the details. Thanks in advance.

Bid Range : $2500

Drywall and Plastering
in Midlothian

Short Desc : Patch job where the house is settling in family room. It has crack on side of wall and celling.some does drywall.

Bid Range : $500

Drywall and Plastering
in King George

Short Desc : 1500 sq ft garage w/ loft

Bid Range : $2500

Baby Room

Short Desc : 3 walls ne color and 1 accent wall in wide stripes.

Bid Range : $600

Painting and Wallcovering
in Aylett

Short Desc : Paint our living room, including the cathedral ceiling, as well as one wall in our kitchen.

Bid Range : $2500

Bathroom Remodeling
in Chester

Short Desc : 1970`s bathroom - needs updating - replacing ceramic tile, ceramic floor, replace counter top/sink and toilet - would like some designer help. Would like to see if possible closet beside bath can be incorporated into new bathroom (costs involved)

Bid Range : $5000
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