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GLOSSARY
Broom clean
Broom clean refers to the desired state of a property that's to be transitioned to a new tenant or buyer. Trash should be picked up and the floors should be swept.
Bubble
In economics, a unsustainable increase in the price of certain products or assets, such as housing or stocks, based on mistaken assumptions about their underlying worth. By definition, bubbles are followed by sharp price declines when the bubble bursts, which is the difference between a bubble and a boom.
Buffer strip
A buffer strip is an area of natural vegetation lying alongside a stream or roadway that helps minimize runoff and erosion.
Builder Upgrades
Refined features and amenities that builders offer for an extra charge.
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.