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Condos for Sale in Boise
BACHELOR APARTMENT:
A small rental dwelling unit which combines living and bedroom spaces into
one room (and, sometimes, kitchen space as well). Also known as
"efficiency suite" or "studio apartment".
BACK END RATIO:
A comparison of a borrower's monthly expenses to her gross monthly income
used to assess her ability to carry a mortgage or other loan.
BACK TITLE LETTER (OR
CERTIFICATE):
Notice by a Title Insurance Company to a person searching and certifying
title that a previous search has been completed, setting out the status of
title of the property as at a given date such that the person searching
need only up-date the search.
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.
BALANCE:
Often as in "balance due", the amount of principal on a loan remaining to
be paid at any given time.
BALANCE SHEET:
A table of figures showing the assets, liabilities and net worth of a
person or corporation on a given date.
BALLOON (LOAN) MORTGAGE:
A loan which is repaid by a series of small, periodic payments until a
given date, when either the balance comes due in a single, large payment
or the amount of the payments rises significantly.
BALLOON
PAYMENT:
The single, large payment which pays out the balance due on a balloon
mortgage.
BANKRUPT:
A noun or adjective. Noun - a person or business which has made an
assignment in bankruptcy or has been petitioned into bankruptcy. Adjective
- owing more money than you have assets or income to repay.
Condos for
sale in Boise
BANKRUPTCY:
The state of being unable to pay your debts such that you submit yourself
to the protection of the state. A person or business may voluntarily
assign himself into bankruptcy or may be petitioned into bankruptcy by his
creditors. Once in bankruptcy, the person surrenders his assets to a
trustee in bankruptcy who sells the assets for the benefit of the
bankrupt's creditors, first secured creditors then unsecured creditors.
Once a person is discharged from bankruptcy, none of his former creditors
may pursue him for his former debts. We have condos for sale in
Boise, call us today.
BASE RENT:
The set rent payable by a tenant under a lease, to which is added
Additional rents as required by the lease (for common area maintenance,
for example, or for utilities).
BASIS POINT:
One 100th of 1%.
BEARER INSTRUMENT:
A valuable document (a bond or other security) which does not bear the
name of its legal owner; may be redeemed by whoever is in possession of
it.
BEDROOM COMMUNITY:
A neighborhood or area which offers little in the way of employment
opportunities but plenty of housing, similar to a "suburb" or commuter
town.
BEFORE-TAX CASH FLOW:
Gross amount of money available for the use of the owner before taking
into consideration taxes.
BEFORE-TAX INCOME:
A person or corporation's gross earnings before taxes are deducted.
BELOW-MARKET INTEREST RATE
(BMIR):
A subsidized interest rate on a mortgage or loan, often provided by a
government to allow for acquisition of property or reduction in rents
charged to tenants.
BENCHMARK:
A permanent feature on land which is used as a point of reference for a
land surveyor.
BENEFICIARY:
A person or corporate entity entitled to receive money or assets from a
trust or an estate under a will.
Condos for
sale in Boise
BEQUEATH:
To leave an item of personal property to a certain person in a will (see
"Devise", which refers to gifts of land in this context).
BEQUEST:
The item bequeathed under a will.
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. We
sell condos in Boise.
BIANNUAL:
Or semiannual. Occurring every six months or twice per year.
BID:
An offer of a certain amount of consideration.
BIENNIAL:
Occurring once in every two years.
BILATERAL CONTRACT:
A contract which has a balance of consideration promised by the parties,
where each promises performance of the contract.
BI-LEVEL:
A description of a house with two levels, where the main entrance to the
house is between the two levels.
BILL OF SALE:
Documentary evidence that title to personal property (chattels) has passed
to the Purchaser for valuable consideration.
BINDER:
1. A written commitment from an insurance company to insure a property or
a certain risk; or
2. A preliminary agreement to purchase a property accompanied by a
forfeitable deposit which is lost if the purchaser does not complete the
purchase of the property.
Condos for
sale in Boise
BIWEEKLY LOAN OR MORTGAGE:
A loan which features payments equaling one half of the usual monthly
payment made every two weeks (to total 26 in a year), thus substantially
reducing the life of the mortgage and the interest payable over the life
of the mortgage.
BLANKET INSURANCE POLICY:
A single insurance policy that applies to more than one person or
property.
BLANKET MORTGAGE:
Where one loan is secured against more than one parcel of land.
BLENDED RATE:
Created when an old loan is refinanced and extended at an interest rate
which is different from the original rate: the old debt is still payable
at the old rate; the new debt is payable at the new rate; the total amount
of the debt is payable at a rate of interest that is somewhere between the
two rates. We have real estate for sale in Boise, call us today.
BLIGHTED AREA:
An area of a community where the infrastructure and buildings have been
allowed to decay.
BLUEPRINT:
Construction plans, containing great detail about the particular building.
BOARD OF EQUALIZATION:
United States government body with a mandate to assure uniform property
tax assessments.
BOILER PLATE:
A standard clause or provision in a contract which appears in all similar
contracts.
Condos for
sale in Boise
BONA FIDE:
Made in good faith, at fair market value, without deceit or fraud.
BOND:
1. A sum of money paid into court as an assurance of the performance of
some requirement or as security for payment on a claim. May be used to
allow for the removal of a claim for lien from a property while the court
action over the lien continues.
2. An interest-bearing instrument.
BORROWER (MORTGAGOR):
The person or company that receives money from a lender (often a bank,
credit union or trust company) in exchange for a written promise to pay
and a registered lien on property.
BOTTOMLAND:
Low lying land, near a water course or in a valley or similar geographic
contour.
BOUNDARY:
Edge or limit of a property.
BREACH (OF CONTRACT):
A failure to meet one's obligations, whether under a contract or
otherwise. A breach of contract allows the innocent party to enforce the
contract, rescind the contract or sue for damages. We have condos for sale
in Boise.
BRIDGE FINANCING:
Also known as a "swing loan", a loan used to fill a gap in financing,
often between the purchase of a new home and the sale of the old one. If
the purchase closes before the sale, the home owner needs to borrow enough
money to pay for the new house for the period of time before the equity in
his old house comes available as a result of the completion of the sale.
Condos for
sale in Boise
BRITISH THERMAL UNIT (B.T.U.):
A unit of heat or cooling. That required to change the temperature of a
pound of water by one degree Fahrenheit.
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.
BROWNSTONE, BRICK ROW HOUSE, OR
EASTERN TOWNHOUSE
A nineteenth-century-style row house, with up to five
stories and a front
stoop, verandah or porch leading up to the front door.
BUDGET MORTGAGE:
A mortgage in which the borrower is required to make periodic payments not
only for interest and principal, but also for insurance premiums and
realty tax installments.
BUFFER ZONE:
An area of land specifically designed to separate one zoning use from
another, such as separating a residential neighborhood from an industrial
area.
BUILD TO SUIT:
An offer by a landowner to develop the land in a manner dictated by a
potential tenant, in return for a long-term lease from the tenant for the
developed land. We can help you with your real estate needs.
BUILDER WARRANTY:
An enforceable guarantee of the quality of construction given by a builder
or developer.
BUILDING CODE:
Set of regulations established by a municipality to govern the standards
of construction in that municipality.
Condos for
sale in Boise
BUILDING LINE OR SETBACK:
The minimum distance a building or other improvement may be constructed
from a property line. May be established by agreements, title documents or
municipal by-laws or ordinances.
BUILDING PERMIT:
A document obtained from the local government, allowing for the
construction of a structure in accordance with the terms of the permit.
BUILDING RESTRICTIONS:
Limiting rules which may appear in building codes or in title documents
which control the size, placement, materials, design or location of new
construction.
BUILT-INS:
Items which could be chattels but which are installed so as to form part
of a building.
BUNGALOW:
A small, one-storey home built in a turn of the century style, often with
a prominent front verandah.
BUSINESS DAY:
A day in which normal business is transacted. Generally, Monday to Friday
but not weekends or holidays.
BUY-BACK AGREEMENT:
A contract between a purchaser and vendor in which the vendor agrees to
repurchase the property from the purchaser if a certain event occurs
within a specified period of time. The buy-back price is usually set out
in the agreement. We sell condos in Boise, call today.
BUY DOWN (ACCOUNT OR MORTGAGE):
The payment of extra money on a loan now so as to reduce the interest rate
over a given period or over the life of the loan. This extra payment may
be made by the borrower, by the lender (as an incentive to the borrower to
borrow from the lender) or by the vendor/builder (as an incentive to the
borrower to buy a certain property).
BUYER'S BROKER:
A real estate broker who contracts to represent the interests of a person
wishing to purchase a home.
Condos for
sale in Boise
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. We sell
condos in Boise, call today.
BY-LAWS:
Rules enacted by a governing body of general application.
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