Glossary - B

Balloon Mortgage
A mortgage that is amortized over a specific period of years, but requires a lump sum payment in full at an earlier date.

 

Bankruptcy
A federal court proceeding in which debtors are relieved of liability for their debts after surrender of their assets to a court appointed trustee.

 

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

 

Baseline and Meridian
Imaginary lines used by surveyors to find and describe the location of lands.

 

Beneficiary
the person who receives benefits, profits or advantage.

 

Beneficiary Deed
Creates a conveyance that will not take place until sometime in the future, upon the death of the grantor.

 

Building Setback Line
A line set by law or covenant a certain distance from a street line, in front of which an owner cannot build on his lot.

 

Bundle of Rights
The legal rights or interests that an owner holds in a property. The right to control, use, possess, enjoy and dispose of real or personal property.

 

Bureau of Land Management
The branch of government in charge of surveying and managing public lands.

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