Chicago Illinois Homes For Sale, Chicago IL Real Estate
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- Back fill Soil used to solidify the foundation of a structure.
- Back title letter A letter that a title insurance company gives to an attorney who then examines the title for insurance purposes.
- Back-to-back escrow Arrangements that an owner makes to oversee the sale of one property and the purchase of another at the same time.
- Backup offer A secondary bid for a property that the seller will accept if the first offer fails.
- Backwater valve A valve in a sewer line that prevents sewage from flowing back into a house.
- Balance sheet A statement that shows the assets, liabilities and net worth of an individual.
- Balloon-frame construction A type of framing used in two-story homes in which studs extend from the ground to the ceiling of the second floor.
- Balloon loan A mortgage in which monthly installments are not large enough to repay the loan by the end of the term. As a result, the final payment due is the lump sum of the remaining principal.
- Balloon payment The final lump sum payment due at the end of a balloon mortgage.
- Balustrade Railing held up by a set of posts on a porch or stairway.
- Bankruptcy A proceeding in which an insolvent debtor can obtain relief from payment of certain obligations. Bankruptcies remain on a credit record for seven years and can severely limit a person's ability to borrow.
- Bargain sale The sale of a piece of property for less than market value.
- Baseboard Any board or molding found at the bottom of an interior wall.
- Baseboard electric heat Heating units installed in the floor that can be controlled by a central thermostat.
- Basement The area of a home below ground level.
- Basis Point A basis point is one one-hundredth of one percentage point. For example, the difference between a loan at 8.25 percent and a mortgage at 8.37 percent is 12 basis points.
- Bay The opening between two columns or walls that forms a space.
- Bay window A window that projects outward in a curve.
- Bearing wall A wall that supports its own weight in addition to other parts of a structure.
- Beneficiary The lender who makes a loan, also called a mortgagee. The person borrowing money is the mortgagor.
- Before-tax income Total income before taxes are deducted.
- Bequest Personal property given to a person through a will.
- Betterment An improvement that increases a property's value as opposed to repairs that maintain the value.
- Bidding war Offers from multiple buyers for a piece of property. Agents also sometimes compete to list a house for sale.
- Bilateral contract A contract in which the parties involved give mutual promises. Also called "reciprocal" contracts.
- Bill of sale A document that transfers ownership of personal property.
- Binder A report issued by a title insurance company that details the condition of a home's title. and provides guidelines for a title insurance policy.
- Biweekly mortgage A mortgage that requires payments every two weeks and helps repay the loan over a shorter term.
- Blanket insurance policy A policy that covers more than one person or piece of property.
- Blanket mortgage A mortgage that covers more than one property owned by the same borrower.
- Blighted area A neighborhood that has deteriorated.
- Blind nailing Nails driven into a wall and concealed with putty.
- Blue-ribbon condition A house maintained close to its original condition. Also called mint condition.
- Blue sky laws Regulations on the sale of securities to prevent consumers from investing in fraudulent or high-risk companies without being informed of the risks.
- Board-and-batten siding Siding is composed of 8- to 12-inch wide wooden boards nailed vertically to create a barn-like exterior.
- Board foot Measurement of lumber that is the equivalent of 144 cubic inches.
- Board of Equalization A state board charged with ensuring that local property taxes are assessed in a uniform manner.
- Boilerplate Form language used in deeds, mortgages and other documents. Details can be added by individual parties.
- Bona fide A legal term that refers to actions or persons that are honest and in good faith.
- Bond An agreement that insures one party against loss by acts or defaults of another party.
- Book value The value of a property as a capital asset based on its cost plus any additions, minus depreciation.
- Boring test An analysis of soil in which holes are bored into the ground and samples are removed.
- Borough A section of a city that has authority over local matters.
- Borrow Sand, gravel or other material used for grading.
- Borrow pit The hole at a site that has been excavated.
- Boulevard A street lined with trees or constructed with a landscaped median.
- Boundary The dividing line between two adjacent properties.
- Braced framing A construction method in two-story homes in which the frame is reinforced with posts and braces.
- Breach of contract The failure to perform provisions of a contractwithout a legal excuse.
- Breach of covenant The failure to obey a legal agreement.
- Breach of warranty A seller's inability to pass clear title to a buyer.
- Break-even point The point in which the owner's rental income matches expenses and debt.
- Breast height The height at which the diameter of a tree is measured: four feet, six inches above the ground.
- Breezeway A roofed passageway with open sides.
- Brick Building material made from clay molded into oblong blocks and fired in a kiln.
- Bridge loan A short-term loan for borrowers who need more time to find permanent financing.
- Brokerage The act of bringing together two or more parties in exchange for a fee or commission.
- Broker A person licensed by the state to deal in real estate.
- Broom clean The ideal condition of a building when it is turned over to an owner or tenant.
- Brownstone A vintage row house constructed of red sandstone.
- Buffer strip A parcel of land that separates two or more properties.
- Building and loan association An organization that raises money to helps its members purchase real estate or construct a building.
- Building code A comprehensive set of laws that controls the construction or remodeling of a home or other structure.
- Building inspector A city or county employee who enforces the building code and ensures that work is correctly performed.
- Building moratorium A halt on home construction to slow the rate of development.
- Building paper A thick, water-resistant paper that serves as insulation.
- Building permit A permit issued by a local government agency that allows the construction of home or renovation of a house.
- Builder upgrades Extra house features or better finishing materials that a builder offers.
- Building line or setback Guidelines that limit how close an owner can build to the street or an adjacent property.
- Building restrictions Regulations that limit the manner in which property can be used.
- Built-ins Appliances or other items that are framed into a home or permanently attached.
- Bulkhead A retaining wall designed to hold back water from the ocean or another body of water.
- Bundle of rights The various interests or rights an owner has in a property.
- Bungalow A small one-story house or cottage.
- Butterfly roof A roof formed by two gables that dip in the middle to resemble a butterfly's wings.
- Buy-down mortgage A home loan in which the lender receives a premium as an inducement to reduce the interest rate during the early years of the mortgage.
- Buyer broker A real estate broker who exclusively represents the buyer's interests in a transaction and whose commission is paid by the buyer rather than the seller.
- Buyer's market A slow real estate market in which buyers have the advantage.
- Buyer's remorse An emotion felt by first-time homebuyers after signing a sales contract or closing the purchase of a house.
- Bylaws The rules and regulations that a homeowners association or corporation adopts to govern activities.
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