Oconee County Real Estate
Real Estate Terms | B
Balloon Payment
The final installment paid at the end of the term of
a note; used only when preceding installments were not
sufficient to pay off the note in full.
Bill of Sale
An instrument used to transfer personal property
Blanket Mortgage (Trust Deed)
A single mortgage or trust deed which covers more than
one piece of real estate
Bond
An insurance agreement by which one party is insured
against loss or default by a third party. In the construction
business a performance bond ensures the interested party
that the contractor will complete the project. A bond
can also be a method of financing debt by a government
or corporation which is interest-bearing and has priority
over stock in terms of security.
Breach
Violation of an obligation in a contract
Binder or "Offer to Purchase"
A preliminary agreement, secured by the payment of earnest
money, between a buyer and seller as an offer to purchase
real estate. A binder secures the right to purchase
real estate upon agreed terms for a limited period of
time. If the buyer changes his mind or is unable to
purchase, the earnest money is forfeited unless the
binder expressly provides that it is to be refunded.
Broker, Real Estate
An agent licensed by the state to carry on the business
of operating in real estate. He usually receives a commission
for his services of bringing together buyers and sellers,
owners and tenants, in exchange agreements.
Building Code
A set of stringent laws that control the construction
of buildings, design, materials and other similar factors
Building Line or Setback
Distances from the ends and/or sides of the lot beyond
which construction may not extend. The building line
may be established by a filed plat of subdivision, by
restrictive covenants in deeds or leases, by building
codes, or by zoning ordinances.
Built-Ins
Items that are not movable, such a stoves, ovens, microwave
ovens, dishwashers.
Buyers Market
A market condition which occurs in real estate where
more homes are for sale than there are interested buyers
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