BALLOON PAYMENT - The final payment of a note or obligation,
which is substantially larger than the previous installment
payments, and which repays the debt in full; the remaining
balance which is due at the maturity of a note or obligation.
BARGAIN AND SALE DEED - A deed which recites a consideration and
conveys all of the grantor's interest in the property to the
grantee.
BASE LINE AND MERIDIAN - An imaginary set of lines used by
surveyors to locate and describe land under the Rectangular
Survey Method of property description used in most mainland
states.
BASIS - The financial interest which IRS attributes to the owner
of an asset for purposes of determining annual depreciation and
gain or loss on sale of the asset.
BENCH MARK - A mark affixed to a permanent reference or
monument, such as an iron post or a brass marker (usually
embedded in a cement sidewalk), used to establish elevations and
altitudes over a surveyed area.
BENEFICIARY - A person who receives the benefits from the gifts
or acts of another, such as one who is designated to receive the
proceeds from a will, insurance policy or trust.
BILATERAL CONTRACT - A contract in which each party promises to
perform an act in exchange for the other party's
promise to perform.
BILL OF SALE - A written agreement by which one person sells,
assigns or transfers his right to, or interest in, property.
BLANKET MORTGAGE - A mortgage which is secured by several
structures or a number of lots. A blanket mortgage is often used
to finance proposed subdivisions or development projects,
especially cooperatives.
BLUE SKY LAWS - State securities laws designed to protect the
public from fraudulent practices in the promotion and sale of
securities, e.g., through limited partnerships, syndications,
bonds.
BOOT - Money or other property given to make up any difference
in value or equity between two exchanged properties.
BOUNDARIES - The perimeters or limits of a parcel of land as
fixed by legal description which is usually a metes and bounds.
BREACH OF CONTRACT - Violation of any of the terms or conditions
of a contract without legal excuse; default, non-performance,
such as failure to make payment when due.
BROKER - One who acts as an intermediary between parties to a
transaction. A real estate broker is a properly licensed person
who, for a valuable consideration, serves as an agent to others
to facilitate the sale or lease of real property.
BROKERAGE - That aspect of the real estate business which is
concerned with bringing together the parties and completing a
real estate transaction. Brokerage involves exchanges, rentals,
trade-ins and management of property, as well as sales.
BUDGET MORTGAGE - A mortgage with payments set up to cover more
than interest and principal reductions.
BUFFER ZONE - A strip of land separating one parcel from
another.
BUILDING PERMIT - A written permission granted by the County
Building Department and required prior to beginning the
construction of a new building or other improvement (including
fences, fence walls, retaining walls and swimming pools).
BUILDING RESIDUAL TECHNIQUE - A method of determining the value
of an improvement normally used in appraising property.
BULK TRANSFERS - Any transfer in bulk, and not in the ordinary
course of the seller's business, of a major part of the
materials, inventory or supplies of an enterprise.
BUNDLE OF RIGHTS - An ownership concept describing all those
legal rights which attach to the ownership of real property,
including the right to sell, lease, encumber, use, enjoy,
exclude, will, etc.
BUSINESS DAYS - Days of the week excluding Saturdays, Sundays,
and holidays; normal working days.
BUSINESS OPPORTUNITIES - Any type of business which is for sale.
Santaquin Utah Real Estate Market
