See: Building Owners And Managers Association.

A legal term which refers to any actions, situations, or persons that are honest, in good faith, and without fraud.

A purchaser in good faith, for valuable consideration, without notice or knowledge of adverse claims of others. Sometimes abbreviated to B.F.P.

(1) An insurance agreement by which one is insured against loss by acts or defaults of a third party. In construction, a performance bond insures that the builder will finish his project. The insured could be a lender, purchaser, or other interested party. (2) A method of financing long term debt, issued by a government or private corporation, which bears interest and has priority over stock in terms of security.

See: Land Contract.

See: Land Contract.

See: “No Bonus” Clause.

The actual cost as carried in the account ledger.

Depreciation reserved (on the books) by an owner for future replacement or retirement of an asset.

The value of a property as a capital asset (cost plus additions to value, less depreciation).

(1) A barrier forming an enclosure for logs or timber. (2) A beam of a crane or derrick , used for guiding whatever it lifts.

Something given in addition to. Generally used in exchange to refer to something given other than the major properties to be exchanged, in order to equalize value.

A part of a city, having authority over certain local matters. The best known boroughs are the five boroughs of New York City.

Material such as sand or gravel used for grading, which is brought from another location.

The place from which borrow material is taken.

The pit left after the removal of borrow material. The pit is sometimes filled as a lake and even stocked by some states for fishing.

1. The party receiving funds that must be repaid, usually with interest. 2. One who uses anything belonging to another with the agreement to return it.

Low land along a river formed by alluvial deposits. Also low lying ground such as a valley or dale.

A wide street, usually having a median or promenade, and lined with trees.

A separation, natural or artificial, which marks the division of two contiguous properties.