Glossary of Terms
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| BALANCE DUE TO COMPLETION | |
| The amount of money the purchaser will be required to pay to the vendor to complete the purchase, after all adjustments have been made. | |
| BLENDED PAYMENT | |
| A mortgage payment that includes principal and interest. It is paid regularly during the term of the mortgage. The payment total remains the same, although the principal portion increases over time and the interest portion decreases over time. | |
| BREACH OF CONTRACT | |
| Failure to fulfill an obligation under a contract. Breach confers a right of action on the offended party. | |
| BROKER | |
| See Real Estate Broker. | |
| BUILDER | |
| A person or company that builds homes. | |
| BUILDING CODE | |
| Regulations established by local governments providing for structural and life safety requirements of a building. | |
| BUILDING LINE | |
| A line fixed at a certain distance from the front and/or sides of a lot, beyond which no building can project. | |
| BUILDING PERMIT | |
| A document issued by the municipal authority certifying the blueprints for construction and allowing work to commence. | |
| BUNDLE OF RIGHTS | |
| A concept in which rights of possession, use, enjoyment, and disposition comprise the rights of ownership. | |
| BUSINESS | |
| Any undertaking for the purpose of profit, including any interest in any such undertaking. | |