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B

Back ratio	The ratio of monthly housing costs (principal, insurance, taxes, and interest) plus regular monthly payments to gross monthly income, used by the lender to evaluate an applicant's qualification for a loan; typical back ratios are between 32 - 45 percent
Balloon mortgage	A mortgage with level monthly payments over a stated term, but which requires a lump sum payment in full due at the end of an earlier specified term
Balloon payment	The final lump sum payment that is made at the maturity date of a balloon mortgage, which is larger than preceding regular payments
Bankruptcy	A legal proceeding in a federal court in which a debtor who owes more than the total of his or her assets can surrender those assets to the Bankruptcy Court, thereby being relieved of the future obligation to repay his or her unsecured debts; a Trustee in Bankruptcy administers the assets, selling them to pay as much of the debt as possible
Bargain and sale deed	A deed that carries with it no warranties against liens or other encumbrances, but which implies that the grantor has the right to convey title
Basis	The financial interest an owner of an investment property has, as determined by the Internal Revenue Service, in order to determine annual depreciation and gain or loss on the sale of the asset Adjusted Basis: When property is purchased, the owner's basis is calculated to be the property cost plus the value of any capital expenditures for improvements made, minus any depreciation taken
Benchmark	A permanent reference mark made on a piece of property for the sake of surveyors
Beneficiary	The person named to receive income from a trust, an estate, or a deed of trust
Bequeath	To gift or transfer personal property to another party, executed via a will
Betterment	An improvement to property that increases its value, as opposed to repairs or changes that maintain its value only
Bid	A financial offer to purchase a property
Binder	A preliminary agreement for the purchase of real estate, secured by the payment of an earnest money deposit which evidences the purchaser's good faith and intent to complete the purchase
Blanket loan	A mortgage covering more than one parcel of real estate, which provides for each individual parcel's partial release from the mortgage upon repayment of a portion of the debt
Bond	A written financial obligation, usually secured by a mortgage or a deed of trust, and often posted with the Court, to guarantee against loss incurred with a potential claim
Breach	Failure to follow through on a contractual promise or legal obligation
Bridge loan	A form of second trust, collateral for which is the borrower's present home, usually taken on to allow the proceeds from the sale of the borrower's present home to be used to close on a new home, before the previous home is sold
Broker	An intermediary who assists in negotiating contracts between two or more parties, for a fee; in real estate, a broker is licensed to assist in the purchase, selling, rental or managing of real estate; the broker's services will vary, depending on whether he or she is employed by the seller or the buyer
Building code	An ordinance that specifies minimal standards for construction, alteration, or demolition of a building, set for the sake of safety
Building Restriction Line (or "Set-back")	The minimal distance from the road where a building may be positioned, which appears in the original plat of subdivision, restrictive covenants, or in zoning ordinances and building codes
Bureau of Land Management	The branch of government responsible for the surveying and management of public lands
Buy-back agreement	A written agreement which specifies the conditions under which the seller is allowed to repurchase the property, usually restricted to a certain period of time and to a price stated in the agreement
Buydown	When the lender or home builder lowers the interest rate on initial payments on a loan, often for the first few years, allowing a borrower whose income is expected to increase in subsequent years to qualify for a loan they otherwise are currently not qualified for
Buyer-agency agreement	When the broker is the agent for the buyer and is financially obliged to the buyer
Buyer's market	When the real estate buyer is at advantage because there is more supply of houses or real estate available for sale than there is demand, thus lowering prices

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Holleay Parcker Broker/Owner SPINNAKER REALTY, LLC 6475 N. Croatan Hwy Ste 203 (MP 4) Kitty Hawk, NC 27949 Toll-free Direct: 877.207.1617 Local Mobile: 252.207.1617 Fax: 252.255.1115 Email Holleay now: holleay@OuterBanksRealEstateTips.com My desire is that you become thoroughly educated about the Outer Banks real estate market before making your purchase or selling decision. This is a process, and it is crucial to your success as an investor. I will take all the time necessary to answer your questions and assist you in achieving your real estate goals. Outer Banks Real Estate - The Most Important Tip You Need to Know Before Buying Property on the Outer Banks The most important decision you must make before purchasing Outer Banks real estate is selecting the agent you will work with. Choosing the right agent will save you time and money; choosing the wrong one may cost you both. More than 70% of real estate buyers deal with the first agent they speak with. Don't make this costly mistake! Research has shown that many people spend more money on their second home or investment property than they do on their primary residence. This means that your Outer Banks real estate purchase may well be the most valuable financial decision of your lives. With so much at stake, it's important that you secure the best possible agent to represent your interests. Why would you settle for less than the very best? When selecting the right Outer Banks real estate agent for your needs, consider these tips: 1. Is your agent a member of the Institute for Luxury Home Marketing? Members have received extensive training in handling exceptional properties in the upper tier market. Whether or not you are considering a home in the million dollar range, shouldn't you choose an agent who has received the highest level of training? I am a proud member of the Institute of Luxury Home Marketing. Only 4 other agents in the entire Outer Banks real estate market (936 agents strong) can make this claim. 2. Has your agent received the Certified Luxury Home Marketing Specialist designation? Unlike many other designations, this one is performance-based, which means that the agent has achieved a solid track record of sales in the upper 10% of their market. I have earned the coveted CLHMS designation, and only 2 other agents on the Outer Banks have received theirs. 3. Has your agent been recognized as a Million Dollar Guild member? Million Dollar Guild status is accepted by real estate consumers the world over as the industry's elite. Success in the million dollar and above arena has been demonstrated and certified. Simply put, it doesn't get better than this. My strong performance in the luxury home tier has earned me membership in the exclusive Million Dollar Guild club. Now that you realize that not all agents are alike, shouldn't you be calling the very best agent to assist you? Let's talk about your Outer Banks real estate needs today. You may reach me toll-free direct at 877.207.1617. I look forward to hearing from you. www.OuterBanksRealEstateTips.com is brought to you by Holleay Parcker NUMBER1EXPERT™ in real estate for Corolla, Outer Banks and Duck, North Carolina Read Holleay Parcker's Privacy Guarantee, Terms of Service, and Free & Without Obligation Pledge

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