Terms with Category Real Estate

  • Bonus Room (bns rm) Abbreviation,
    • A large multi-purpose room found in newer or larger homes.
  • Book Value Bank,
    • The value of a property, item or company as a capital asset based on its cost plus any additions, subtracting depreciation.
    • A valuation method determined by taking the original cost of an asset and subtracting any depreciation, impairment or amortization costs.
  • Boot Bank,
    • Cash or other property used in an exchange to make the values of property traded equal. For instance, if you trade in a delivery truck on a new model, the cash you pay in addition to your old truck is boot.
  • Borrow Bank,
    • Sand, gravel or other material used for grading; a slope.
    • To get a loan of money.
  • Borrow Pit Definition,
    • A hole from which topsoil, gravel, or other material is removed for use in a construction project.
  • Boundary Definition,
    • The line dividing adjacent properties.
  • Breach of Covenant Definition,
    • Violation of a promise made in a contract or property deed.
  • Breach of Warranty Definition,
    • A determination that a seller cannot pass clear title of property to a buyer.
  • Break-Even Point (BEP) Bank,
    • The point at which expenses meet income or savings. In home finance, the break-even point often refers to the time it takes to recoup the costs of refinancing a loan or paying discount points.
  • Bridge Financing Bank,
    • A short-term, high interest loan that allows a seller to purchase a new property before selling an existing property.
  • Bridge Loan Bank,
    • A loan that "bridges" the gap between the purchase of a new home and the sale of the borrower's current home. The borrower's current home is used as collateral and the money is used to close on the new home before the current home is sold. Some are structured so they completely pay off the old home's first mortgage at the bridge loan's closing, while others pile the new debt on top of the old. They usually run for a term of six months.
  • Broker (Bkr) Bank,
    • A person or firm who acts on behalf of another.
  • Broom Clean Definition,
    • Ready to be cleaned and painted. The term does not mean immaculate or spotless or entirely clean.
  • Buffer Strip Definition,
    • This refers to a parcel or stretch of land that separates two pieces of property.
  • Builder Upgrades Definition,
    • Refined features or materials that a builder offers for an extra charge.
  • Building and Loan Association Definition,
    • A financial institution designed to help members finance real-estate transactions.
  • Building Code (BC) Acronym,
    • Regulations that govern design and materials used in construction.
  • Building Inspector Definition,
    • A local government employee who enforces the building code and makes sure construction and renovation work is done properly.
  • Building Moratorium Definition,
    • A temporary or permanent halt on construction.
  • Building Permit (BPmt) Abbreviation,
    • Authorization by a local government to construct or repair a structure.
  • Building Restrictions Definition,
    • Local regulations that limit the size, height, materials, colours, uses, locations, placement and other characteristics of houses.
  • Built-ins Definition,
    • Items, such as appliances and cabinets, that are permanently attached to a building.
  • Bundle of Rights Definition,
    • A set of legal rights that an owner has regarding a property.
  • Buyer Broker Definition,
    • One who earns a commission from the buyer of a property in exchange for finding a seller and assisting in negotiation.
  • Buyer's Market Bank,
    • When market conditions favour the buyer.
  • Bylaws Definition,
    • The written rules governing an organization such as a homeowners association.
  • Capital Expenditure Bank,
    • The cost of making an improvement to a property.
  • Capital Improvement Bank,
    • Any permanent structure or other asset added to a property that adds to its value.
  • Capital Investments Bank,
    • Money used to purchase permanent fixed assets for a business, such as machinery, land or buildings as opposed to day-to-day operating expenses.
  • Capitalization Rate Bank,
    • An estimated percentage rate of return that a property will produce on the owner's investment.
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