| BACK RATIO | Ratio of monthly housing costs (principal, insurance, taxes, and interest) plus regular monthly payments to gross monthly income used by lender to evaluate an applicants qualification for a loan. Lenders will typically allow a back ratio between 32 and 45. |
| BANKRUPT | A person, who, through a court proceeding, is relieved from the payment of all his debts after surrender of all his assets to court appointed trustee. |
| BANKRUPTCY | A provision of Federal Law whereby a debtor surrenders his assets to the Bankruptcy Court and is relieved of the future obligation to repay his unsecured debts. A Trustee in Bankruptcy administers the assets, selling them to pay as much of the debt as posssible. |
| BENEFICIARY | A person named to receive a benefit from a TRUST. A contingent beneficiary has conditions attached to his rights, usually someone else must die first. BINDER A title insurance binder is the written commitment of a title insurance company to insure title. |
| BOND | An amount of money, often posted with the Court, to guarantee against loss as a result of a possible claim. For example, if there is a LIEN against the property, the owner may post a bond and the lien is removed from the property and the parties argue over. |
| BOOK VALUE | The value of an asset as shown in the financial records of an individual or corporation. |
| BORROWER | A mortgagor who receives funds I the form of a loan with the obligation of repaying the loan in full with interest. |
| BREACH | Failure to perform on a promise made in contract without legal excuse. |
| BROKER | One who receives a commission or fee for bringing buyer and seller together and assisting in the negotiation of contracts between them. In most states a license is required. |
| BUILDING RESTRICTION LINE | A required set-back a certain distance from the road within which no building may take place. This restriction may appear in the original plat of subdivision, restrictive covenants or by building codes and zoning ordinances. |
| BUREAU OF LAND MANAGEMENT | The branch of government in charge of surveying and managing public lands. |
| BUY-BACK AGREEMENT | An agreement specifying conditions under which the seller agrees to repurchase the property, usually for a stated price and within a stated time limit. |
| BUYER'S MARKET | A market in which there are more houses for sale than there are potential buyers. As such, housing prices are driven lower, and buyers stand to get a better deal when purchasing. |
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