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Words, Phrases & Definitions

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Balloon Payment - Final installment payment of a promissory note larger than any single preceding installment payment.

Bankruptcy - A proceeding in U.S. Bankruptcy Court wherein assets of a debtor (unable or unwilling to pay debts) are applied by an officer of the court in satisfaction of creditor claims.

Base Lines - Imaginary east-west lines that intersect meridians to form a starting point for measurement of land.

Bench Mark - Location indicated on a durable marker by a land surveyor.

Beneficiary - One for whose benefit a trust is created. A lender secured by a deed of trust.

Beneficiary's Demand - Payment required by a beneficiary under a deed of trust before authorizing recon-veyance.

Beneficiary's Statement - Statement of a beneficiary under a deed of trust as to principal balance due on a promissory note and other information concerning the loan.

Benevolent Associations - Voluntary non-profit aggregations organized for the benefit of members.

Betterment - Substantial improvement to real property.

Bequeath - To give personal property by will.

Binder - Written agreement to issue, within a specified time, a policy of title insurance. Contract to insure.

Blanket Mortgage or Deed of Trust - A mortgage or deed of trust on more than one lot or parcel.

Blue Sky Law - A law (generally of a state) protecting the public from investing in fraudulent companies. Usually requires full disclosure of risks associated with investment before the investment entity puts investor's monies at risk.

Bona Fide - In good faith.

Bona Fide Purchaser - A purchaser in good faith, for fair value and without notice of any adverse claim or right of third parties.

Bond - A written undertaking to pay a certain sum of money.

Bonded Debt - An indebtedness secured by a bond issue.

Building Contract - Agreement for the construction of a proposed structure.

Building Lines - Lines established by ordinance or by statute beyond which building is not permitted.

By-Law - A rule adopted for the internal government of a corporation or unincorporated association.

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