Monday, March 1, 2010

REAL ESTATE 101 GLOSSARY "B" - OAKVILLE HOMES


Back fill
Soil used to solidify the foundation of a structure.
Backup offer
A secondary bid for a property that the seller will accept if the first offer
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.
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.
Bequest
Personal property given to a person through a will.
Bidding war
Offers from multiple buyers for a piece of property. Agents also sometimes compete to list a house for sale.
Board-and-batten siding
Siding is composed of 8- to 12-inch wide wooden boards nailed vertically to create a barn-like exterior.
Borough
A section of a city that has authority over local matters.
Boundary
The dividing line between two adjacent properties.
Breach of contract
The failure to perform provisions of a contract without a legal excuse.
Breezeway
A roofed passageway with open sides.
Bridge loan
A short-term loan for borrowers who need more time to find permanent financing.
Broker
A person licensed by the state to deal in real estate.
Brokerage
The act of bringing together two or more parties in exchange for a fee or commission.
Brownstone
A vintage row house constructed of red sandstone.
Building code
A comprehensive set of laws that controls the construction or remodeling of a home or other structure.
Building permit
A permit issued by a local government agency that allows the construction of home or renovation of a house.
Bungalow
A small one-story house or cottage.
Buyer broker
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.
Buyer's market
A slow real estate market in which buyers have the advantage.
Bylaws
The rules and regulations that a homeowners association or corporation adopts to govern activities.



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