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Ma Real Estate B
Terms & Definitions B
Term | Definition |
---|---|
Balloon Mortgage | A mortgage where one final payment, larger than any preceding payment, pays off the debt. |
Bargain and Sale Deed | Grantor affirms they hold title and grant whatever interests they have with no warranties. Often used by fiduciaries such as estate executors or officers of the court. |
Base Line | An imaginary line running east to west used by surveyors in the government (rectangular) survey method of property description. |
Bilateral Contract | A contract where one party agrees to do something in return for the second party's promise to also do something (Joe will pay Kendra $300 to sing at his party). |
Bill of Sale | A written contract between two parties for the sale of personal property . |
Blanket Mortgage | A mortgage secured by two or more parcels of property. |
Blockbusting | The practice of attempting to influence one to sell, or rent with threats that persons of a particular protected class are entering the neighborhood. |
Board of Appeals | Local city or town committee that rules on matters of zoning variances. |
Book | Deeds and other documents relating to property transfer are recorded at the County Registry of Deeds in Mass, and become a specific page in a specific book in the record system. A deed has a specific book and page reference. |
Book Value | Value remaining after depreciation. Original cost less accrued depreciation. |
Broker | An individual who for consideration sells, rents, exchanges or negotiates options of real property. |
Building Code | A set of rules established by state, or municipal government to regulate standards in the construction trades. |
"Bundle of Rights" | A concept of used to describe all of the rights that an owner has in the property owned. |
Buyer's Agent | A real estate broker who represents the buyer not the seller, and therefore has a fiduciary responsibility to the buyer. |
By Laws | As relates to condominiums; the specific procedures for managing and regulating a condominium. Recorded with the Master Deed per M. G. L. chapter 183A. |