See: British Thermal Unit.

Points paid to a mortgage broker by a lender which exceed the points paid by the borrower.

In states where attorneys examine title for title insurance purposes, this letter is given by a title insurance company to an attorney, giving to said attorney the condition of title as of a certain date. The attorney then begins his examination as of that date. Also called a starter or back title certificate. See also: Starter.

To replace ground removed by excavation for construction. Used to brace a structure (especially a foundation or footings).

A secondary offer to buy property, used in case the first (primary) offer fails. A backup offer is especially useful when the primary offer contains difficult contingencies.

Water in a stream or river which, because of a dam or other obstruction, is stopped in its course or flows back toward its source.

A valve set in a lateral sewer line which automatically prevents sewage from flowing back to its source (a building).

An appraisal term meaning that value of real property is best sustained when opposite influences (e.g. supply and demand) are equal.

See: Installment Note, Balance Due Date.

A statement of the assets and liabilities of a company to determine its net worth (equity).

A tax free exchange of properties under Section 1031 of the Internal Revenue code. To be tax free the taxpayer must invest all of the profit from the relinquished property into the replacement property. See also: Boot.

(1) A balustrade, railed, elevated platform projecting from the face of a building. (2) An upper floor seating area in a theater.

(1) The final payment of a balloon note (see which). (2) A landlocked parcel of land.

A term describing the framing used in a two story wood construction where the studs extend from the sill (ground level) to the ceiling of the second floor. See: Platform Frame Construction; Post and Beam Frame Construction.

A mortgage that has a final payment larger than the other payments. For example, a thirty year loan due in five years would have a payment that would amortize it (pay it off) over thirty years. However, the loan would be due in five years, making the final payment (the balloon payment) greater than the previous payments.

A note calling for periodic payments which are insufficient to fully amortize the face amount of the note prior to maturity, so that a principal sum known as a “balloon” is due at maturity.

The final payment (balance due) of a balloon note.

An appraisal method for setting a value on a corner lot. The lot is appraised as an inside lot for its front footage on both streets. The two values are then added to find the value of the corner lot. For example: Lot 1 fronts 100′ on street A and 100′ on street B. The value of a 100′ inside lot on street A is added to the value of a 100′ inside lot on street B to find the value of lot 1. Also called the Bernard Rule.

The supporting posts of a handrail in a staircase.

A row of balusters supporting a handrail.

(1) The elevated land on each side of a river or stream which keeps the water in its natural channel. (2) See: Commercial Bank.