Glossary

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balloon mortgage

A mortgage where the final payment is considerably larger than the preceding payments.

balloon payment

A large final payment due at the end of a balloon loan, to pay off the outstanding principle amount that the monthly payments did not cover.

bill of sale

A written instrument given to pass title to personal property.

breach of contract 

An unjustified failure to perform by one of the parties to a contract to perform according to the terms of the contract.

building line

A line fixed at a certain distance from the front and/or sides of a lot beyond which no structure can project.

bundle of rights

Ownership in real property implies a group of rights, such as the right of occupancy, use and enjoyment, the right to sell in whole or in part, the right to control the use, the right to bequeath, the right to lease any or all of the rights, the right to the benefits derived by occupancy and use of the property, etc.

These terms and their presence on this site are not intended as, nor should they be used as, legal advice. You should always obtain advice from a licensed attorney for all legal matters.