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Canadian Real Estate / Mortgage Glossary : B

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A B C D E F G H I J K L M N O P Q R S T U V W X Y Z All

 Back Title Letter
A document that a title insurance company gives to an attorney specifying condition of the title.

 Backup Offer
A bid for a property that the owner will consider if the current transaction falls through.

 Bad Debts
Money you can't collect. Businesses are allowed to deduct bad debts under certain circumstances. If a bad debt is personal, it may be deducted in some cases as a short-term capital loss. Loans between family members generally are classified as non-business.

The amount of money in your account.

 Balance Sheet
A report of financial condition, including assets, liabilities and net worth.

 Balance Transfer
The process of moving an unpaid credit card debt from one issuer to another. Card issuers sometimes offer teaser rates to encourage balance transfers coming in and balance transfer fees to discourage them from going out.

 Balance Transfer Fee
Fee charged customers for transferring an outstanding balance from one card to another.

 Balloon Loan
A loan in which the payments aren't set up to repay the loan in full by the end of the term. At the end comes the balloon payment -- one that is larger than the other, periodic payments and pays off the remaining principal.

 Balloon Mortgage
A loan that has regular monthly payments which amortize over a stated term but call for a final lump sum (balloon payment) at the end of a specified term, or maturity date, such as 10 years.

 Balloon Payment
A loan installment that is larger than the other, periodic payments and pays off the remaining principal.

An institution that acts as a financial intermediary by receiving money from depositors and lenders and also lending to borrowers.

 Bank Holding Company
A company that owns or controls one or more banks or companies associated with banking such as leasing companies, credit companies, etc. It is usually identified by the word Bancorp or Bancshares in the name. The Federal Reserve Board of Governors regulates all bank holding companies.

 Bank Spread
The difference between the interest rate a bank charges a borrower and the interest rate a bank pays a depositor.

 Bank Wire
An electronic payment system for the transfer of money between banks.

A court action under the Federal Bankruptcy Code by which a debtor's debts may be discharged, usually by transferring assets to a trustee, or rescheduled.

 Bankruptcy Trustee
A private individual or corporation appointed to undertake bankruptcy proceedings for a individual or corporation.

 Bargain Sale
Transfer of property or an item for less than market value.

 Base Price
The cost of a car without options. This price includes standard equipment and the manufacturer's warranty.

Also referred to as cost basis, this is the amount assigned to an asset from which a taxpayer determines capital gain or loss. For assets purchased, the basis is the price paid. Special rules apply to assets acquired through gift or inheritance, as well as to the value of stock funds held for a period during which earnings are reinvested.

 Basis Point
A unit of measure: 1/100th of one percent. For example, the difference between a 9.0% loan and a 9.5% loan is 50 basis points.

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