Real Estate Terminology
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Backup Offer. A secondary offer to buy property,
used in case the first or primary offer fails. A Backup Offer
is particularly useful when the primary offer contains difficult contingencies.
Balance. In appraisal terms, the value
of real property is best sustained when supply and demand forces are equal.
Balloon. The final payment of a balloon note.
Balloon Note. A note calling for periodic
payments which are insufficient to fully amortize the face amount of the note
prior to maturity, so that a principal sum known as a "balloon payment" is due at maturity.
Base Line. A survey line used in the
government survey to establish township lines. The base lines runs
East and West through a principal meridian line running North and South.
Bearer. One holding commercial paper.
Bearer Instruments. Checks, notes, drafts, bonds, etc., payable to whomever has possession
of the instruments.
Breach of Contract. Failure to perform a contract, in whole or part,
without legal excuse.
Bridge Financing. A form of interim loan, generally made
between a short term loan and a permanent (long term) loan, when the borrower needs to have more time
before taking the long term financing. Many times used when a Buyer purchases a new home and still needs to complete
the sale of an existing home.
Buffer Strip. A parcel of land separating two other parcels or areas,
such as a strip of land between an industrial and residential area.
Cap or Cap Rate. The maximum amount which can be charged by a lender.
Most commonly used in Adjustable Rate Mortgages where the CAP rate specifies the maximum rate which the lender may charge
over the life of the loan.
Cash Equivalency Analysis. An appraisal method by which
the price of comparable properties selling at different financing terms are adjusted to find market value. The
theory being that the less advantageous terms to the seller, the higher the sale price with cash being more advantageous
than credit.
Caveat Emptor. A Latin phrase meaning "Let the
Buyer Beware".
CC and R. Covenants, Conditions and Restrictions.
A term used to describe the restrictive limitations which may be placed on properties especially prevalent in
condominium and town home communities.
Chain of Title. The chronological order of
conveyance of a parcel of land from the original owner to the present owner.
Chains and Links. In real estate surveying, a
chain is 66' long or 100 links, each link being 7.92 inches.
Cinder Block. A building block composed of ash
and cement. The cinder block does not have the weight or strength of concrete block, one of the preferred methods
of construction in Florida.
Real Estate Terminology
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