Bear Island Land Co., Inc.

~Your Recreational Real Estate Professionals~

Dictionary of Terms

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Balloon Payment
When credit is advanced by note or contract and payment is required in regular equal installments and the note or contract will mature before the note or contract is paid in full, a payment which may be larger than the regular payment will fall due. This payment is called a "balloon payment".
Beneficiary
The person who receives or is to receive the benefits resulting from certain acts; one receiving benefits, profits or advantage; one for whose benefit a trust is created.
Bill of Sale
A written instrument by which one person transfers or conveys right, title or interest in personal property to another.
Blanket Mortgage
A single mortgage which covers more than one piece of property.
Broker
An individual in the business of assisting in arranging funding or negotiating contracts for a client but who does not loan the money him/herself. Brokers usually charge a fee or receive a commission for their services.
Building Code
Regulations established by local governments setting forth the structural requirements of buildings.
Buy-Down
When the lender and/or the homebuilder subsidizes the mortgage by lowering the interest rate during the first few years of the loan. While the payments are initially low, they will increase when the subsidy expires.

 

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Ely, Minnesota's most experienced Realtors, serving Buyers and Sellers in the Ely, MN area since 1995.