Bundled Lease to Bylaws

 

Bundled Lease

Also called a “full service lease,” the lease will require the landlord to provide additional services (such as cleaning and maintenance) or cover other costs (such as insurance and taxes). The cost for these added items, which would normally be handled by the lessee or renter, is figured into the lease-stipulated payments.

Bungalow

Derived from the Hindi word bangla, referring to Bengal style or single-family houses, a bungalow is a squat house or cottage, typically only one-story in height. Although they connote small structures, many bungalows today can be quite spacious. The main types of bungalows found in Europe and America today include ranch bungalows, raised bungalows, chalet bungalows, American Craftsman bungalows, California bungalows, Chicago bungalows, Milwaukee bungalows and Michigan bungalows

Bureau of Land Management (BLM)

The federal agency responsible for overseeing and maintaining lands owned by the United States government, but not located in national forests, parks and monuments. Military bases are also excluded from BLM control.

Business Hours

Commercial leases on retail properties typically stipulate business hours during which a tenant must be open for business, as well as a final closing time. This is especially important for malls, which needs to have “all hands on deck” to fully serve shoppers and generate foot traffic (that will serve all the retailers in the mall).

Business Loan

Financing for business capital or operation. Business loans differ from mortgage or real estate loans, because business loans are often not secured by real estate property.

Business Park

A campus containing multiple commercial properties, usually office buildings. It is often a planned unit development.

Butterfly Roof

Like the gable roof, the butterfly roof normally consists of two basic roof panels. But instead of channeling water off and away from the center (ridge board), the butterfly roof is higher on the wall sides and angles in at the center line. The water is channeled to a gutter that runs along the middle of the roof. It’s not advisable in snow-prone areas, but it serves as a great way to collect and channel rainwater.

Buy-back Sales Agreement

A provision is a purchase or sales agreement in which the seller agrees to repurchase the property at a future date.

Buydown (or Optional Discount) Points

A payment to the lender, from the seller, buyer or a third party, so as to reduce the interest rate of the loan. This is usually expressed and charged as points, or percentages of the loan amount. Buydown and discount points are basically partial prepayment of the loan’s interest charges.

Buydown Mortgage

This type of mortgage loan plan lowers the interest rate (and consequent payments) during the first years of the loan-thus allowing applicants to qualify for a larger loan amount. This is sometimes called the “Temporary” or “2-1″ Buydown, depending on the program. The official note rate for the buydown mortgage is higher than standard fixed-rate loans. However as with the case of the 2-1, the first year interest rate is two (2) percentage points lower than the note rate. The second-year interest rate is one (1) percentage point lower than the note rate; the interest rate then stabilizes at the note rate in the third and subsequent years. It is called buydown because the lender is essentially buying down the interest rate, through an internal escrow mechanism.

Buyer Agency

An agency relationship in which the principal is the purchasing party.

Buyer Cash-Out

A transaction in which the buyer walks out of the closing with both possession of the title and surplus cash. This is a common feature in many fraudulent transactions, but it can also be accomplished in legitimate and positive transactions. For example, Jaimie buys an apartment building with 100% financing and the seller agrees to pay all of her closing costs. She will immediately walk away with surplus cash (in addition to the title to the property) because she will receive the security deposits and prorated portions of the current month’s rent.

Buyer’s Broker

A real estate agent who works exclusively for and is primarily compensated by the property buyer. Unlike other real estate agents, they are not limited to listed properties offering commissions.

Buyer’s Market

Current economic condition in which supply is typically higher than demand. Marketing time tends to be lengthy (at least three to four months), and sellers are finding few buyers. It’s a good time for buyers, but a bad time for sellers.

Buyer’s Remorse

The doubt or regret that buyers often experience after purchasing a big-ticket item, such as real estate or new automobiles. Many buyers wonder if they made the right decision or paid the right price.

Buying on Contract

See the Installment Contract entry.

Buy-out Option

A feature in some absolute auctions that allows the seller to reject a bid—after paying the highest bidder a buy-out fee.

Buy-Sell Agreement

An agreement between parties in which one of the parties can purchase the interests of any of the other parties involved in the agreement.

Bylaws

With homeowner associations, the bylaws provide detailed information about management of and restrictions upon both individual units and shared areas. The bylaws establish the board of directors for the condominium. They sometimes also give the association a right of first refusal, allowing the association to purchase the unit before it is offered to the public.