Home

About Us

Our Listings

Our Agents

Waterfront

Contact Us


 ►Lake Michigan Properties

 ►Other Waterfront Homes

 ►Our Featured Listings

 ►Search All Michigan MLS

 ►Lake Michigan Rentals

 ►Equity Out Now

 ►Testimonials

 ►Glossary of Terms

 ►Visit Carini Realtors

Random Listing

 
 
 

Glossary of Terms

A - B - C - D - E - F - G - H - I - J - K - L - M - N - O - P - Q - R - S - T - U - V - W - X - Y - Z

 B

BALLOON NOTE
A note calling for periodic payments which are insufficient to fully amortize the face amount of the note prior to maturity. so that a principal sum known as a "balloon" is due at maturity.

BANKRUPT
One who is adjudicated a bankrupt by a court having proper jurisdiction. The bankruptcy may be voluntary (petitioned by the bankrupt) or involuntary (petitioned by the creditors of the bankrupt).

BANKRUPTCY
Proceedings under federal bankruptcy statutes to relieve a debtor (bankrupt) from insurmountable debt. The bankrupt's property is distributed by the court to the creditors as full satisfactions of the debts, in accordance with certain priorities and exemptions. Voluntary bankruptcy is petitioned by the debtor, involuntary by the creditors.

BEFORE AND AFTER METHOD
An appraisal method used in both condemnation and modernization. In condemnation the method is used in a partial taking. The value of the total land owned by A, for example, is $1.00 per sq. ft. After a partial taking, the remaining land of A is worth $.75 per sq. ft. A should receive $1.00 per sq, ft. for the property taken plus $.25 per sq. ft. for the remaining parcel. In the event the remaining property is worth $1.25 after the taking (increased value), the payment to A could be less than the value of the property taken. In modernization, an appraiser may take the value of property before and after remodeling to determine if the value increased more than modernization costs.

BLANKET MORTGAGE
(1)     A mortgage covering more than one property of the mortgagor, such as a mortgage covering all the lots of a builder in a subdivision.
(2)     A mortgage covering all real property of the mortgagor, both present and future. When used in this meaning it is also called a "general mortgage."

BONA FIDE PURCHASER
A purchaser in good faith, for valuable consideration, without notice or knowledge of adverse claims of others. Sometimes abbreviated B.F.P.

BOOK DEPRECIATION
Depreciation reserved (on the books) by an owner for future replacement or retirement of an asset.

BOROUGH
A part of a city, having authority over certain local matters. The best known boroughs are the five boroughs of New York City.

BREACH OF WARRANTY
In real property, the failure of the seller to pass title as either expressed or implied (by law) in the conveyancing document.

BREAST-HEIGHT
The height at which the diameter of a tree is measured. A height of 4'/2 feet above the ground level. The abbreviation D.B.H. (diameter-breast-height) is usually used.

BROKER. REAL ESTATE
One who is licensed by the state to carry on the business of dealing in real estate. A broker may receive a commission for his or her part in bringing together a buyer and seller, landlord and tenant, or parties to an exchange.

BUILDING AND LOAN ASSOCIATION
An organization for the purpose of accumulating a fund by subscription and savings of its members, to assist them with loans for building or purchasing real estate.

BUYDOWN
A payment to the lender from the seller, buyer, third party, or some combination of these, causing the lender to reduce the interest rate during the early years of a loan. The buydown is usually for the first 1 to 5 years of the loan.

BUY-SELL OFFER
An offer by one owner of a business or real estate to buy out the interest of another owner of the same business or real estate (a partner or other shareholder), or to sell the offeror's interest at the same price or proportionate price if unequal ownership. Example: A and B each own an 'h interest in lot 1. A offers to buy B's interest for $10,000 or to sell A's interest to B for $10,000. Theoretically very fair, since B has the option to buy or sell. However. B's interest may be worth $12,000, but B is financially unable to buy A's interest (also worth $12.000)

Thinking Of Selling Your Waterfront Property? 

We Want You To Be Here!

Home  |  About Us  |  Our Listings  |  Our Agents  |  Waterfront  |  Contact Us  |  Site Map

RealtorŪ           Equal Housing Opportunity  
Copyright 2010 - MichLakes.com by Carini Realtors, 587 East 8th Street, Holland, Michigan 49423 - All Rights Reserved.