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There are 11 entries in the definition.
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Term Definition
Back Title LetterAlso called "back title certificate" in some areas, and "starter" in others. When titles previously have been examined up to a certain date by reliable examiners, title companies sometimes give subsequent examiners of such titles a letter that sets forth the condition of the title at the time of the previous examination and authorizes them to begin their subsequent examination with the terminal date of the previous examination.
 
Balloon NoteA form of promissory note that calls for the minimum payment of principal and the payment of interest at regular intervals. This type of note requires a substantial final payment, which represents all the principal.
 
BankruptcyA special proceeding under federal, or in some instances state, laws by which the property of a debtor is protected by the court and may be divided among the debtor's creditors and the debtor.
 
Beneficiary(1) One for whose benefit a trust is created. (2) In states in which deeds of trust are commonly used instead of mortgages, the lender (mortgagee) is called the beneficiary.
 
Binder
  1. An early agreement to buy a home from a seller, which is usually ensured with earnest money.
  2. A preliminary report as to the condition of a title and a commitment to issue a title insurance policy in a certain manner when certain conditions are met. Sometimes called "preliminary certificate" or "prelim" "commitment."
  3. A policy of title insurance (used primarily by investors) calling for a reduced rate for a future policy if the property is sold within a specified period.

 

 
Blanket MortgageA mortgage or trust deed that covers more than one lot or parcel of real property, and often an entire subdivision. As individual lots are sold, a partial reconveyance or release from the blanket mortgage is ordinarily obtained.
 
Bona Fide PurchaserOne who buys property in good faith, for fair value, and without notice of any adverse claim or right of third parties.
 
Breach of ContractFailure to perform a contract, in whole or part, without legal excuse.
 
Building ContractAn agreement between an owner or lessee and a building contractor, setting forth terms relative to the construction of a proposed structure.
 
BuydownA payment to the lender from the seller, buyer, third party, or some combination of these, causing the lender to reduce the interest rate during the early years of a loan. The buydown is usually for the first one to five years of the loan. (See also: Certificate Backed Mortgage).
 
Buyer's Expenses:Documentary Stamps on Notes, Recording Deed and Mortgage, Escrow Fees, Attorney's Fee, Title Insurance, Appraisal and Inspection, Survey Charge
 


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