Ameraco

B:

 

BACKUP CONTRACT

An Agreement of Purchase and Sale for a particular property which is conditional (becomes binding) upon the failure of another Agreement for the same property.

 

BETTERMENT

The improvement of real estate that results in a rise in market value. Also, a legal concept of civil law: when a court award, judgment or order in favor of an injured party places that party in a better position than he would have been had his original injury never taken place.

 

BID

An offer of a certain amount of consideration.

 

BILL OF SALE

Documentary evidence that title to personal property (chattels) has passed to the Purchaser for valuable consideration.

 

BROKER

An intermediary who brings parties together for specific purposes. A mortgage broker brings borrowers together with lenders; a real estate broker brings purchasers together with vendors. Often charges a percentage of the contract price as a fee. Specific training required to become a Real Estate Broker, a professional designation.

 

BUILT-INS

Items which could be chattels but which are installed so as to form part of a building.

 

BUYER’S AGENT

A real estate agent who contracts to represent the interests of a person wishing to purchase a home.

 

BUYER’S MARKET

A condition of the real estate market where there are more properties for sale than people interested in buying them. Buyer’s have more choice and less competition for the available properties, resulting in lower prices.

 

BUY-SELL AGREEMENT

A pact between partners in a business or shareholders in a company, obliging one to buy the other’s interest (and obliging the other to sell) upon the occurrence of some event stated in the agreement.

Tags: real estate

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