Building line

A line fixed at a certain distance from the front and/or sides of a lot beyond which no structure can project; a setback line used to ensure a degree of uniformity in the appearance of buildings and unobstructed light, air, and view.

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Building code

An ordinance specifying minimum standards of construction of buildings for the protection of public safety and health.Based on the notified safety standards within a specific area, a building code is a regulation that defines the design, construction and materials used in a building.

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Budget loan

A loan in which the monthly payments made by the borrower cover not only interest and a payment on the principal, but also 1/12 of such expenses as taxes, insurance assessments, private mortgage insurance premiums, and similar charges.

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Brownfields

Deserted, defunct, and derelict toxic industrial sites in need of renewal. Federal legislation has diminished the innocent landowner’s liability exposure and provided the landowner the opportunity to expense cleanup costs rather than capitalize them.

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Broker/Salesperson

A person who has passed the broker’s licensing examination but it is licensed to work only on behalf of a licensed broker and who may be allowed to manage an office. In many states, known as (and licensed as) associate broker or broker/associate.

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Bridge loan

A loan that bridges the sale of the property. A bridge loan is a short-term loan a homeowner takes out against their property to finance the purchase of another property. It’s usually taken out for a period of a few weeks to up to three years.

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Breach of contract

(1) The failure, without legal excuse, of one of the parties to a contract to perform according to the contract. (2) From home buyers getting cold feet about purchasing a residence after starting paperwork to home sellers rescinding an accepted bid when they receive a better offer, there are several ways in which both parties […]

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