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GLOSSARY
Building and loan association
A building and loan association is a cooperative that assists its members in obtaining financing for real estate purchases and construction.
Building code
Codes that architects, builders, and developers use that are in compliance with agreed upon safety standards in a specific area. A building code is a regulation that determines the design, construction, and materials used in building.
Building inspector
A building inspector is an employee of the local government's building department who monitors a building's construction to ensure that it meets local regulations. The building inspector might also inspect existing structures for ongoing code compliance.
Building moratorium
A building moratorium is a postponement or termination of construction activity.
Building permit
A building permit is a certificate issued by a local government office authorizing a construction project at a specific location.
Building restrictions
Building restrictions are rules governing the physical characteristics of structures on a property.
Built-ins
Items, such as appliances and cabinets, which are permanently attached to a building.
Bulk sales escrow
A bulk sales escrow is an arrangement that forces a company to run the sale of specified assets through an agent. Those assets might be inventory, or other business assets. The bulk sales escrow protects the interests of unsecured credits by ensuring that asset sales proceeds aren't spent improperly.
Bullet
A bullet is a large principal repayment, typically due at loan maturity. Bullets, which might be 98 percent or more of the loan balance, can be structured into long-term commercial loans that support significant business expansion.
Bullet CD
A bullet CD is a time deposit that can't be called, or paid off, by the issuer prior to the maturity date.
Bullet Loan
A bullet loan is a debt facility that has minimal amortization until maturity, at which point a large, lump-sum repayment is due. Bullet loans are typically long-term loans used to fund business expansion.
Bump-up CD
A bump-up CD is a time deposit that allows the CD holder to elect to increase the interest rate once during the CD term. Such an increase, however, would only be available if market interest rates move up. Traditional CDs carry fixed interest rates.
Bundle of rights
A common explanation explaining how rights pertaining to property are governed. This is a means of organizing and presenting confusing and often times, contradictory data.
Bungalow
A bungalow is a home style characterized by a simplistic, one-story design. The bungalow was popular with the North American working class in the early 20th century.
Burden of proof
Burden of proof refers to the responsibility, in a lawsuit, to present sufficient evidence for or against disputed facts. In civil cases, the plaintiff has the burden of proof, meaning that it's the plaintiff's responsibility to prove his or her case.