Hernando County Real Estate Glossary of Real Estate Terms
Welcome to my Glossary of Real Estate Terms Page
provided by:
Hernando County Real Estate Agent Chris Frantz of Exit Success Realty. Looking for a home or selling you home in Hernando County Florida. Are you confused and overwhelmed by real estate terms and words? Every person working in real estate or planning to buy or sell real estate can benefit by using my real estate glossary. This glossary of real estate terms is one for your use. Please use this as a resource to become comfortable with real estate terms.
A B C D E F G H I JK L
M N O P Q R S T UV WXYZ
Back fill - Soil used to solidify the foundation of a structure.
Back title letter - A letter that a title insurance company gives to an attorney who then examines the title for insurance purposes.
Back-to-back escrow - Arrangements that an owner makes to oversee the sale of one property and the purchase of another at the same time.
Backup offer - A secondary bid for a property that the seller will accept if the first offer fails.
Backwater valve - A valve in a sewer line that prevents sewage from flowing back into a house.
Balance sheet - A statement that shows the assets, liabilities and net worth of an individual.
Balloon loan - A mortgage in which monthly installments are not large enough to repay the loan by the end of the term. As a result, the final payment due is the lump sum of the remaining principal.
Balloon-frame construction - A type of framing used in two-story homes in which studs extend from the ground to the ceiling of the second floor.
Balustrade - Railing held up by a set of posts on a porch or stairway.
Bankruptcy - A proceeding in which an insolvent debtor can obtain relief from payment of certain obligations. Bankruptcies remain on a credit record for seven years and can severely limit a person's ability to borrow.
Bargain and sale deed - A deed, which recites a consideration and conveys all of the grantor's interest in the property to the grantee.
Bargain sale - The sale of a piece of property for less than market value.
Base line and meridian - An imaginary set of lines used by surveyors to locate and describe land under the Rectangular Survey Method of property description used in most mainland states.
Baseboard - Any board or molding found at the bottom of an interior wall.
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.
Basis - The financial interest, which IRS attributes to the owner of an asset for purposes of determining annual depreciation and gain or loss on sale of the asset.
Basis point - A basis point is 1/100 hundredth of one percentage point. For example, the difference between a loan at 8.25 percent and a mortgage at 8.37 percent is 12 basis points.
Bay - The opening between two columns or walls that forms a space.
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.
Before-tax income - Total income before taxes are deducted.
Bench mark - A mark affixed to a permanent reference or monument, such as an iron post or a brass marker (usually embedded in a cement sidewalk), used to establish elevations and altitudes over a surveyed area.
Bequest - Personal property given to a person through a will.
Betterment - An improvement that increases a property's value as opposed to repairs that maintain the value.
Bidding war - Offers from multiple buyers for a piece of property. Agents also sometimes compete to list a house for sale.
Bilateral contract - A contract in which each party promises to perform an act in exchange for the other party's promise to perform.
Bilateral contract - A contract in which the parties involved give mutual promises. Also called "reciprocal" contracts.
Bill of sale - A written agreement by which one person sells, assigns or transfers his right to, or interest in, personal property to another.
Binder - A report issued by a title insurance company that details the condition of a home's title. and provides guidelines for a title insurance policy.
Biweekly mortgage - A mortgage that requires payments every two weeks and helps repay the loan over a shorter term.
Blanket insurance policy - A policy that covers more than one person or piece of property.
Blanket mortgage - A mortgage, which is secured by several structures or a number of lots. A blanket mortgage is often used to finance proposed subdivisions or development projects, especially cooperatives.
Blighted area - A neighborhood that has deteriorated.
Blind nailing - Nails driven into a wall and concealed with putty.
Blue ribbon condition - A house maintained close to its original condition. Also called mint condition.
Blueprint - A type of paper-based reproduction usually of a technical drawing, documenting architecture or an engineering design. More generally, the term "blueprint" has come to be used to refer to any detailed plan.
Board and batten siding - Siding is composed of 8 to12 to 12 inch wide wooden boards nailed vertically to create a barn
Board foot - Measurements of lumber that is the equivalent of 144 cubic inches.
Board of equalization - A state board charged with ensuring that local property taxes are assessed in a uniform manner.
Boilerplate - Form language used in deeds, mortgages and other documents. Individual parties can add details.
Bona fide - A legal term that refers to actions or persons that are honest and in good faith.
Bond - An agreement that insures one party against loss by acts or defaults of another party.
Book value - The value of a property as a capital asset based on its cost plus any additions, minus depreciation.
Boot - Money or other property given to make up any difference in value or equity between two exchanged properties.
Boring test - An analysis of soil in which holes are bored into the ground and samples are removed.
Borough - A section of a city that has authority over local matters.
Borrow - Sand, gravel or other material used for grading.
Borrow pit - The hole at a site that has been excavated.
Boulevard - A street lined with trees or constructed with a landscaped median.
Boundaries - The perimeters or limits of a parcel of land as fixed by legal description, which is usually a metes and bounds description.
Boundary - The dividing line between two adjacent properties.
Braced framing - A construction method in two-story homes in which the frame is reinforced with posts and braces. story homes in which the frame is reinforced with posts and braces.
Breach of covenant - The failure to obey a legal agreement.
Breach of warranty - A seller's inability to pass clear title to a buyer.
Break-even point - The point in which the owner's rental income matches expenses and debt.
Breast height - The height at which the diameter of a tree is measured: four feet, six inches above the ground.
Breezeway - A roofed passageway with open sides.
Brick - Building material made from clay molded into oblong blocks and fired in a kiln.
Bridge loan - A short-term loan for borrowers who need more time to find permanent financing. term loan for borrowers who need more time to find permanent financing.
Broker - One who acts as an intermediary between parties to a transaction. A real estate broker is a properly licensed person who, for a valuable consideration, serves as an agent to others to facilitate the sale or lease of real property.
Brokerage - That aspect of the real estate business, which is concerned with bringing together the parties and completing a real estate transaction. Brokerage involves exchanges, rentals, trade-ins and management of property, as well as sales.
Broom clean - The ideal condition of a building when it is turned over to an owner or tenant.
Brownstone - A vintage row house constructed of red sandstone.
Budget mortgage - A mortgage with payments set up to cover more than interest and principal reductions.
Buffer strip - A parcel of land that separates two or more properties.
Buffer zone - A strip of land separating one parcel from another.
Builder upgrades - Extra house features or better finishing materials that a builder offers.
Building and loan association - An organization that raises money to helps its members purchase real estate or construct a building.
Building code - A comprehensive set of laws that controls the construction or remodeling of a home or other structure.
Building inspector - A city or county employee who enforces the building code and ensures that work is correctly performed.
Building line or setback - Guidelines that limit how close an owner can build to the street or an adjacent property.
Building moratorium - A halt on home construction to slow the rate of development.
Building paper - A thick, water-resistant paper that serves as insulation. resistant paper that serves as insulation.
Building residual technique - A method of determining the value of an improvement normally used in appraising income property.
Building restrictions - Regulations that limit the manner in which property can be used.
Built-ins - Appliances or other items that are framed into a home or permanently attached.
Bulk transfers - Any transfer in bulk, and not in the ordinary course of the seller's business, of a major part of the materials, inventory or supplies of an enterprise.
Bulkhead - A retaining wall designed to hold backwater from the ocean or another body of water.
Bungalow- A small one - story house or cottage. story house or cottage.
Business days - Days of the week excluding Saturdays, Sundays, and holidays; normal working days.
Butterfly roof - A roof formed by two gables that dip in the middle to resemble a butterfly's wings.
Buy-down mortgage - A home loan in which the lender receives a premium as an inducement to reduce the interest rate during the early years of the mortgage.
Buyer broker - A real estate broker who exclusively represents the buyer's interests in a transaction and whose commission are paid by the buyer rather than the seller.
Buyer's market - A slow real estate market in which buyers have the advantage.
Buyer's remorse - An emotion felt by first time homebuyers after signing a sales contract or closing the purchase of a house.
Bylaws - The rules and regulations that a homeowners association or corporation adopts to govern activities.
Chris Frantz
Exit Success Realty
13111 Spring Hill Dr
Spring Hill, FL 34609
Hernando County
352.~686.~2222 Office
352.~442.~3158 Cell
Exit Success Realty
While great care and research was undertaken to provide accurate explanations and definitions for all of real estate terms and words in our real estate glossary, cannot be 100% accurate in all jurisdictions. The definitions are for general purposes only and should not be used for legal purposes. We disclaim any responsibility for any liability, loss or risk that may be claimed or incurred as a consequence of using this information. We hope you benefit from using our concise online real estate dictionary.