"My name is Molly and I was skeptical about trying CRN at first. But I gave it a shot anyway and I can proudly say I am finally a home owner. It only took me 3 months to find a property I liked from the listings. The house was a steal. It listed for $92,000 and I purchased it for $70,500. My family and I could not be happier. Thank you very much for offering this listing. Without it I probably would still be searching for a home."

- Molly H.

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Glossary of Terms


We have compiled a list of the most common real estate terms and definitions to assist you in your search for a home. Whether you are a buyer or seller of real estate it is easy to get confused by the language used in real estate transactions. With our comprehensive real estate glossary you can easily navigate through the complicated world of buying and selling a home.

Click in the letter below to see the glossary

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


backup offer
A secondary bid for a property that the seller will accept if the first offer fails.
balloon mortgage loan
A real estate loan in which some portion of the debt will remain unpaid at the end of the term of the loan. A balloon will usually result in a single large payment due when the loan ends.
balloon payment
A large principal payment due all at once at the end of some loan terms.
bank reo
An abbreviation for "Real Estate Owned," most commonly used to describe properties acquired in foreclosure and owned by institutions.
bankruptcy
A proceeding in which an insolvent debtor can obtain relief from payment of certain obligations. Bankruptcies remain on a credit record for seven to 10 years and can severely limit a person's ability to borrow.
basis point
One hundredth of one percentage point. For example, the difference between a loan at 7.25 percent and a mortgage at 7.42 percent is 17 basis points.
beneficiary
The lender under a deed of trust.
bill of sale
A document that transfers ownership of personal property.
biweekly mortgage
A loan requiring payments of principal and interest at two-week intervals. This type of loan amortizes much faster than monthly payment loans. The payment for a biweekly mortgage is half what a monthly payment would be.
blanket mortgage
A mortgage covering more than one property owned by the same owner.
boundary
The dividing line between two adjacent properties.
breach of contract
The failure to perform provisions of a contract without a legal excuse.
bridge loan
A form of interim loan, generally made between a short-term loan and a permanent (long-term) loan, when the borrower needs to have more time before taking long-term financing.
building code
A comprehensive set of laws that controls the construction or remodeling of a home or other structure.