Tax on withdwals made from the bank using cheque facility.
Balloon Mortgage
A short-term mortgage that allows you to pay in small periodic installments for specific period of time, after which you have the pay the remaining balance in a lump sum.
Balloon Payment
A repayment of a loan bond, usually but not necessarily the final repayment, which is larger in amount than other installments.
Bankruptcy
A federal law Whereby a person's assets are turned over to a trustee and used to pay off outstanding debts; this usually occurs when someone owes more than they have the ability to repay.
Bare shell
Depicts the condition of any property after completion of construction activity and installations of basic building services. A bare shell includes basic flooring - tiled, mosaic, cement or granite and plastered walls. Apart from this, pantry and toilet facilities may also be operational in such condition.
Base Rent
A set amount used as a minimum rent in a lease with provisions for increasing the rent over the term of the lease.
Basic Rent
A monthly rental net of maintenance and interest costs charged or quoted by landlords for any property. The base rent comprises of only the payment made for usage of the subject property under a lease agreement. Imputed costs such as holding costs fit out costs and building service charges are not usually included in the base rent.
Bayana
An Indian term used to denote the token money given to the landlord to informally freeze negotiations on a particular property, after the initial terms and conditions have been formalised.
Beneficiary
An administrative body made up of all the owners within a group of units or apartments of a strata building. The owners elect a committee which handles administration and upkeep of the site.
Bigha
Unit of Area Measurement. 1 bigha = 1620.43 square metre or 2531.93 square metre (depending on region)
Biswa
Unit of Area Measurement. 1 biswa = 32408.64 square metre or 50638.50 square metre (depending on region)
Blanket Mortgage
A mortgage loan that requires the remaining principal balance be paid at a specific point in time. For example, a loan may be amortized as if it would be paid over a thirty year period, but requires that at the end of the tenth year the entire remaining balance must be paid.
Blockbusting
The attempt to induce someone to sell their home because someone from a protected class is rumored to be moving into the neighborhood. The classic example of this would be a real estate agent passing out her card to neighbors while telling them that a minority family is moving in down the block and they should sell now before the neighborhood gets any worse. This is illegal.
Body Corporate
A sum of money paid by a tenant and held by the Rental Bond Boaard to ensure against defaulting on payment and damage to the property.
Bond
A certificate of debt (usually interest-bearing or discounted) that is issued by a government or corporation in order to raise money; the issuer is required to pay a fixed sum annually until maturity and then a fixed sum to repay the principal.
Bond Market
Usually refers to the daily buying and selling of thirty year treasury bonds.
Boot
Money or property given to make up any difference in value or equity between two properties in an exchange.
Boundary
A line separating adjoining properties.
Breach of Contract
An act, or omission, contrary to enforce specific performance to rescind the contract and / or to claim damages, the remedy available depending upon the nature of the breach.
Brick Veneer
A system of building in which a structural timber frame is tied to a single brick external wall.
Bridging Loan
A short term loan (usually at a higher rate) taken out to cover the financial gap between buying a new property and selling an existing property.
Broker
A broker is anyone who acts as an agent, bringing two parties together for any type of transaction and earns a fee for doing so.
Broker/Dealer
A person or company who acts as a medium of bringing owners and proposed buyers together with a view to complete a real estate transaction.
Brokerage
Commission paid to a broker.
Build Out
The space improvements put in place per the tenant's specifications. Takes into consideration the amount of Tenant Finish Allowance provided for in the lease agreement.
Building bye laws
Local authority control of building standards promulgated to regulate and control the usage of land, property and areas in cities and towns.
Building Code
Based on agreed upon safety standards within a specific area, a building code is a regulation that determines the design, construction, and materials used in building.
Building Contract
A contract between an owner or occupier of land and a building contractor, setting forth the terms under which construction is to be carried out, basis of remuneration, time scale, and penalties, if any, for failure to comply with terms of the contract.
Built up Area (BUA)
BUA, over and above the carpet area, would include the space covered by the thickness of the inner and outer walls of the flat. The BUA thus would generally be around 15% more than the carpet area of the flat.
Bullet Loan
Any short-term, generally five to seven years, financing option that requires a balloon payment at the end of the term and anticipates that the loan will be refinanced in order to meet the balloon payment obligation.
Business Center
Commercial premises usable by the occupiers for a short period on a membership basis of the centre. Usually, a business centre charges for the full service accommodation, which is generally substantially higher than the rental of a standard office space and usually includes cost of HVAC, housekeeping, electricity, and security systems.
Business Day
A standard day for conducting business. Excludes weekends and public holidays.
Business park
A landscaped area containing high tech, other amenities for business purposes, as distinct from high-tech park or a science park. Building density is lower than would be usual in a traditional industrial estate. Business parks are preferentially located where motorway, rail and airport communications are within a short distance.
Buy-Out Rate
In a funding agreement between a developer and a prospective purchaser, the pre-determined investment yield which will be used to capitalize the annual income receivable at the time of sale to determine the buy out price.
Buyer's Market
When the demand for property is less than supply so the advantages shift to the buyer. Contrast with Seller's Market.
