| B Terms : |
BAD
|
Bank Accounts Debit Tax. State or Territory
government tax (except ACT) on withdrawals from accounts on
which a cheque can be drawn. |
Balloon Mortgage
|
A mortgage loan that requires the remaining principal balance
be paid at a specific point in time. For example, a loan may
be amortized as if it would be paid over a thirty year period,
but requires that at the end of the tenth year the entire
remaining balance must be paid. |
Balloon Payment
|
A large loan payment to clear a debt. |
Bankruptcy
|
A federal law Whereby a person's assets are turned over
to a trustee and used to pay off outstanding debts; this usually
occurs when someone owes more than they have the ability to
repay. |
Base Rent
|
A set amount used as a minimum rent in a lease with provisions
for increasing the rent over the term of the lease. |
Beneficiary
|
An administrative body made up of all the owners within
a group of units or apartments of a strata building. The owners
elect a committee which handles administration and upkeep
of the site. |
Blanket Mortgage
|
A mortgage loan that requires the remaining principal balance
be paid at a specific point in time. For example, a loan may
be amortized as if it would be paid over a thirty year period,
but requires that at the end of the tenth year the entire
remaining balance must be paid. |
Blockbusting
|
The attempt to induce someone to sell their home because
someone from a protected class is rumored to be moving into
the neighborhood. The classic example of this would be a real
estate agent passing out her card to neighbors while telling
them that a minority family is moving in down the block and
they should sell now before the neighborhood gets any worse.
This is illegal. |
Body Corporate
|
A sum of money paid by a tenant and held by the Rental Bond
Boaard to ensure against defaulting on payment and damage
to the property. |
Bond
|
A certificate of debt (usually interest-bearing or discounted)
that is issued by a government or corporation in order to
raise money; the issuer is required to pay a fixed sum annually
until maturity and then a fixed sum to repay the principal. |
Bond Market
|
Usually refers to the daily buying and selling of thirty
year treasury bonds. |
Boot
|
Money or property given to make up any difference in value
or equity between two properties in an exchange. |
Boundary
|
A line separating adjoining properties. |
Brick Veneer
|
A system of building in which a structural timber frame
is tied to a single brick external wall.
|
Bridging Loan
|
A short term loan (usually at a higher rate) taken out to
cover the financial gap between buying a new property and
selling an existing property. |
Broker
|
A broker is anyone who acts as an agent, bringing two parties
together for any type of transaction and earns a fee for doing
so. |
Build Out
|
The space improvements put in place per the tenant's specifications.
Takes into consideration the amount of Tenant Finish Allowance
provided for in the lease agreement. |
Building Code
|
Based on agreed upon safety standards within a specific
area, a building code is a regulation that determines the
design, construction, and materials used in building. |
Bullet Loan
|
Any short-term, generally five to seven years, financing
option that requires a balloon payment at the end of the term
and anticipates that the loan will be refinanced in order
to meet the balloon payment obligation. |
Business Day
|
A standard day for conducting business. Excludes weekends
and public holidays. |
|
Buyer's Market
|
When the demand for property is less than supply so the
advantages shift to the buyer. Contrast with Seller's Market. |