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GLOSSARY of American & Mexican
Real Estate Terms
B
Bad Title
Title with defects making it unmarketable.
Balloon Payment
The remaining balance, at maturity, on a loan
that has not been completely repaid through periodic payments. Once
paid, the outstanding balance is zero. Partially amortized loan.
Bench mark
A bronze disk permanently placed and precisely
identified by government survey teams.
Beneficiary - Beneficiario, Fideicomisario
The recipient of trust income, benefit plan, or
gifts in a will.
Bilateral Contract
A contract in which a promise is given for the
promise of another. It becomes binding when mutual promises are
communicated (A real estate contract).
Bi-weekly Mortgage
A mortgage in which you make payments every two
weeks instead of once a month. The basic result is that instead of
making twelve monthly payments during the year, you make thirteen.
The extra payment reduces the principal, substantially reducing the
time it takes to pay off a thirty year mortgage. Note: there are
independent companies that encourage you to set up bi-weekly payment
schedules with them on your thirty year mortgage. They charge a set-
up fee and a transfer fee for every payment. Your funds are deposited
into a trust account from which your monthly payment is then made,
and the excess funds then remain in the trust account until enough
has accrued to make the additional payment which will then be paid to
reduce your principle. You could save money by doing the same thing
yourself, plus you have to have faith that once you transfer money to
them that they will actually transfer your funds to your lender.
Bill of Sale
A document used to transfer ownership of
personal property.
Blanket Mortgage
A mortgage which covers more than one piece of
real estate. Often used by a developer in the financing of
undeveloped lots. Contains a partial release clause.
Block A
Means of subdividing large tracts of land into
smaller sections, each of which is numbered. For example, Lot 4,
Block 8.
Blockbusting
Any activity which attempts to drive prices down
for the purpose of causing transition from one ethnic group to
another.
Borrower - Prestatario
The person receiving funds from another with the
intention of repaying.
Bounds
Refers to boundaries; used with the word "metes"
in the metes and bounds method of land description.
Breach of Contract
A failure to perform, as promised, at the time
the performance was due.
Broker - Corredor
An intermediary who brings parties together for
specific purposes. A mortgage broker brings borrowers together with
lenders; a real estate broker brings purchasers together with
vendors. Often charges a percentage of the contract price as a fee.
Specific training required to become a Real Estate Broker, a
professional designation.
Budget - Presupuesto
The amount of money that is available for,
required for, or assigned to a particular purpose.
Building Code
Ordinances passed by local governments with
special minimum standards of construction for new buildings. They
also apply to major additions to old construction.
Building Permit - Manifestation de
Construcion
A document granting permission for
construction.
Bundle of Rights
The rights of an owner to possess, control,
enjoy, sell, lease, mortgage, and dispose of the property.
Buyer’s Agent
A Flagstaff real estate agent who represents the
buyer in
a property transaction. If, however, that agent works for a
conventional realty firm and shows the buyer one of the company’s
listings, the agent, by law, transforms into a Dual Agent and must
attempt to represent both the buyer and the seller in the purchase
process. See Exclusive Buyer’s Agent for representation strictly for
the buyer.
Buyer - Comprador
A person that acquires possession, ownership, or
rights to the use or services of by payment especially of money.
Bylaws
Legal documentation in a condominium regime
which provides the establishment of the home-owner's association;
provides the powers and authority given to the board of directors;
and indicates various rights and responsibilities of the unit
owners.
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