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BALLOON PAYMENT final payment on a note. It is usually substantially larger than any of the preceding installments.

 

BASE LINE AND MERIDIAN Established lines used by surveyors to locate and describe land under the rectangular survey method of property description used in most states. The first north-south line is the principal meridian; the first east-west line is the base line.

 

BASE MAP A map with reference points - such as state, county, township, or state and geodetic coordinate lines, or other features - on which land ownership data can be plotted.

 

BATTURE LAND Land between low tide water's edge and river bank or levee. Batture land is generally in the same ownership as abutting land, but may be sold separately.

 

BEARING The cardinal direction (North, South, East, West) of a line; e.g., North 50 degrees, 30 minutes West.

 

BENCH MARK A mark of known elevation affixed to a permanent reference or monument, such as an iron post or brass marker, usually embedded in cement or a concrete structure and used to establish elevations over other surveys in the area.

 

BENEFICIARY A person who receives and benefits from the gifts or acts of another, such as one who is designated to receive the proceeds from a will or trust.

 

BEQUEATH To leave personal property to another by will. To leave real property by will is to devise.

 

BILL OF SALE A written instrument transferring title, right, and interest in personal property to another.

 

BINDER An agreement to cover an earnest money deposit for the purchase of real property as evidence of the purchaser's good faith and intention to complete the transaction.

 

BLANKET MORTGAGE A single mortgage which covets more than one piece of real estate.

 

BOND Any obligation under seal. A real estate bond is a written obligation, usually issued on security of a mortgage or a trust deed.

 

BORROW PIT Location where borrow material is removed; resulting depression.

 

BREACH OF CONTRACT Violation of any of the terms or conditions of a contract without legal excuse.

 

BUDGET AUTHORITY The authority to enter into obligations that will result in immediate or future expenditure of Federal funds. The three main kinds of budget authority ate appropriation, contract authority, and borrowing authority.

 

BUNDLE OF RIGHTS Beneficial interests or rights which attach to the ownership of real property, including the right to sell, lease, encumber, use, enjoy, exclude, will, etc.