Balloon Payment - The final installment payment on a note which is greater than the preceding installment payments and pays the note in full.

Bankruptcy - A condition of financial insolvency in which a person’s liabilities exceed his assets, and he is
unable to pay his debts.

Bargain And Sale Deed - A deed used to convey title to real property, which usually does not include warranties; if any, they are generally an assertion by the grantor that he has possession of the property.

Baseline And Meridian - Imaginary lines used by surveyors in locating and describing land under the rectangular survey method. The north-south line is the meridian, the east-west line is the base line. Used mostly in Midwestern states.

Basis - Original cost of property plus value of any improvement put on by the seller and minus the depreciation taken by him.

Before And After Method - An appraisal method used in condemnation cases where there has been a partial taking of the property.

Benchmark - A natural or unnatural permanent reference mark or point established for use in measuring differences in elevation.

Beneficiary - A person who receives and benefits from the gifts or acts of another; one who receives the proceeds from a will, insurance policy, or trust; the lender in a deed of trust.

Bequeath - The giving of personal property by will.

Biannual - Happening twice each year; semi-annual.

Biennial - Happening once every two years.

Bilateral Contract A contract in which both parties have reciprocal obligations toward each other.

Bill Of Sale - A written instrument which passes title of personal property from seller to buyer.

Binder - An agreement to cover a down payment for the purchase of real estate as evidence of good faith on the part of the purchaser; shows the receipt of a deposit and outlines the basic terms of the transaction.

Blanket Mortgage - One mortgage covering two or more specific parcels or realty.

Blockbusting - The discriminatory practice of encouraging members of one race or creed to move into a neighborhood, and then exploiting the Situation by persuading residents to sell their houses at deflated prices because of the alleged social deterioration of the neighborhood.

Block Interest - interest computed on the original face amount and which remains the same as the principal declines.

Bona Fide - In good faith, without fraud: genuine: real.

Boot - The payment to satisfy the difference in equities in an exchange, which may he in cash, personal property, note, financing, or anything of agreed upon value.

Breach Of Contract - Violation of any of the terms or conditions of a contract; default: non-performance.

Broker - A Licensed person who negotiates the purchase and sale f real estate of another.

Budget Mortgage - A mortgage with payment that covers principal and interest, plus taxes, fire insurance, lease rent, etc.

Building Codes - Rules established by local governments to regulate construction standards.

Building Restrictions - Limitations on the use of property or the size and location of improvements established by legislation or by covenants in deeds.

Bulk Transfer - Any transfer of a major part of the materials, inventory or supplies of an enterprise not in the ordinary course of the seller’s business.

Bundle Of Rights - Ownership concept in real estate which embraces the rights of possession. use, enjoyment. and disposition.

Bureau Of Conveyances - The Hawaii state office which houses all legal documents relative to title to both land court and regular system property recorded since 1848; located in Honolulu.

Business Opportunity - The assets for an existing business enterprise including its goodwill.

Buy-down - The one-time, nonrefundable prepayment of a portion of the interest of a loan to subsidize reduced monthly payments.