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Ma Real Estate B

Terms & Definitions B

TermDefinition
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.
Created by: medct