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Athens GA Homes
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balloon mortgage
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A mortgage where the final payment is considerably
larger than the preceding payments. Contrast with amortized
mortgage.
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balloon payment
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A large final payment due at the end of a
loan, typically a home or car loan, to pay off the amount your monthly
payments didn't cover. Many states prohibit balloon payments in loans for
goods or services that are primarily for personal, family or household
use, or require the lender to let you refinance the balloon payment before
forcing collection.
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bill of sale
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A written instrument given to pass title to
personal property.
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blanket mortgage
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One mortgage on a number of parcels of real
property.
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blockbusting
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The illegal practice of inducing panic selling
in a neighborhood by making representations of the entry, or prospective
entry, of members of a minority group; panic peddling.
See
Fair Housing.
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bond
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(1) A written agreement purchased from
a bonding company that guarantees a person will properly carry out a specific
act, such as managing funds, showing up in court, providing good title
to a piece of real estate or completing a construction project. If the
person who purchased the bond fails at his or her task, the bonding company
will pay the aggrieved party an amount up to the value of the bond.
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(2) An interest-bearing document issued
by a government or company as evidence of a debt. A bond provides pre-determined
payments at a set date to the bond holder. Bonds may be "registered" bonds,
which provide payment to the bond holder whose name is recorded with the
issuer and appears on the bond certificate, or "bearer" bonds, which provide
payments to whomever holds the bond in-hand. Mortgage interest rates
are closely related to long term bond interest rates.
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bonus
to selling agent (BTSA)
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Compensation, above and beyond the sales commission,
offered to the real estate agent who brings the buyer to the transaction.
A BTSA is used to provide an extra incentive for real estate agents to
show a particular listing. Often the bonus is tied to closing within
a certain time period or the property selling for a certain price.
A buyer's agent should not consider the BTSA a factor in any negotiations
between buyer and seller. Realistically, most BTSA's tend to disappear
during initial negotiations, eventhough they should never be considered
as negotiable after they have been offered. Any bonus to selling
agent should be contained in a written agreement between the seller and
listing broker. The BTSA is technically offered by the listing broker,
not the seller, and thus should not be a subject of negotiation.
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breach of contract
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Failure, without legal excuse, of one of the
parties to a contract to perform according to the contract.
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brokerage
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For a commission or fee, bringing together
parties interested in buying, selling, exchanging, or leasing real property.
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BTSA
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Acronym - bonus
to selling agent.
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building line
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A line fixed at a certain distance from the
front and/or sides of a lot beyond which no structure can project. See
set
back.
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bundle of rights
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Ownership in real property implies a group
of rights, such as the right of occupancy, use and enjoyment, the right
to sell in whole or in part, the right to control the use, the right to
bequeath, the right to lease any or all of the rights, the right to the
benefits derived by occupancy and use of the property, etc.
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buy down
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A cash payment, usually measured in points,
to a lender in order to reduce the interest rate a borrower must pay.
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buyer's broker
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A licensee who has declared to represent only
the buyer in a transaction, regardless of whether compensation is paid
by the buyer or the listing broker through a commission split. Some brokers
conduct their business by representing buyers only.
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Athens GA Homes
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