B
BACK TITLE LETTER OR CERTIFICATE
(See "Starter." )
BALLOON PAYMENT
Installment note final payment that is greater than preceding payments and that pays the note in full.
BANK
Any person engaged in the business of banking.
BANKRUPTCY
A proceeding in U.S. District Court wherein assets of a debtor unable or unwilling to pay his debts are applied by an officer of the court in satisfaction of creditor claims.
BAR
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The attorneys at law, taken collectively in a municipality, county, state or the nation.
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To defeat or to prevent.
BENEFICIARY
A person who is entitled to receive funds of property under the terms and provisions of a will or trust or insurance policy.
BENEVOLENT ASSOCIATION
Voluntary nonprofit organization organized for the benefit of its members.
BEQUEST
A gift of personal property in a will.
BILL OF SALE
The instrument by which title to personal property is transferred or conveyed.
BINDER
Memorandum of an agreement to issue insurance giving temporary coverage until such time as a formal policy is issued.
BLANKET MORTGAGE OR TRUST DEED
Mortgage or trust deed that covers more than one lot or parcel of real property: often covers an entire subdivision. As individual lots are sold, a partial release or reconveyance from the blanket mortgage is ordinarily obtained.
BONA FIDE PURCHASER
One who buys property in good faith, for fair value, and without notice of any adverse claim or right of third parties.
BOND
(1) A written promise to pay to the bearer or owner a stated sum of money at a specified time, with interest usually represented by interest coupons attached to the bond, which coupons may be clipped as they mature and presented for payment. Bonds are sometimes in the form of certificates of indebtedness. Bonds are often secured by real estate mortgages. (See "Promissory Note.") (2) A written commitment assuring the payment of a stipulated sum of money or the amount of damages in the event of an adverse happening. (3) A certificate of debt issued by a government or corporation guaranteeing payment to bearer of a specified sum of money, plus interest, on a specified future date.
BONDED
Vehicle required the posting of a bond in order to register or title the vehicle.
BRANCH
As this term relates to First American Title Insurance Company offices, a direct or division office of First American Title Insurance Company, as opposed to an affiliate, agent, subsidiary or underwritten firm associated with the Company.
BRANDS OR BRANDED
Words or symbols on a vehicle title issued by the DMV signifying the vehicle's status. Examples of brands include, but are not limited to, junked, salvaged, lemon or rebuilt/reconstructed vehicles; flood, hail, or fire damaged vehicles; totaled vehicles; vehicles with odometers that have been rolled back or exceed mechanical limits; stolen or abandoned vehicles; and vehicles with liens or judgments against them.
BROKEN ODOMETER
Odometer no longer records distance driven.
BROKER
One who acts as an agent for another in negotiating sales or purchases in return for a fee or commission.
BROKERAGE
A fee or commission paid to a broker.
BUILDING CODE
Laws specifying the type, kind, area and manner of construction of buildings, and prohibiting construction or repair of buildings in violation of such specifications. (Also, see "Zoning Ordinances." )
BUILDING LINE
Also called set-back line, a line inside the boundary lines of a piece of real estate beyond which no building may be constructed. Building lines may be established by municipal ordinances, restrictions, and subdivision plats.
BULK TRANSFER
Any transfer in bulk not in the ordinary course of the transferor's business of a major part of the materials, supplies, merchandise or other inventory of the business.
BUNDLE OF RIGHTS
Beneficial interests or rights an owner has in his property, including the rights of use and transfer, and the right to exclude others.
BUYER IN THE ORDINARY COURSE OF BUSINESS
A person that buys goods in good faith, without knowledge that the sale violates the rights of another person in the goods, and in the ordinary course from as person, other than a pawnbroker, in the business of selling goods of that kind.
BY-LAWS
Rules adopted by the members of the board of directors of a corporation that govern the internal management of the corporation. Also called the corporate constitution.