BALANCE DUE ON COMPLETIONThe amount of money a purchaser will be required to pay to the vendor to complete the purchase, after all adjustments have been made.
BALLOON PAYMENTThis is a final mortgage payment at the end of the term which pays off the outstanding loan in full. The amount of money (principal) required to discharge a mortgage at maturity.
BLANKET MORTGAGEA single registered document which encumbers more than one property.
BLENDED PAYMENTEqual payments consisting of both principal and interest, paid regularly during the term of the mortgage.
BREACH OF CONTRACTFailure to fulfill an obligation under a contract. Breach confers a right of action on the offended party.
BRIDGE OR INTERIM LOANS (MORTGAGES)Interim loans are used to bridge the gap between the initial construction and the first advances available under the terms of the construction mortgage. Interim loans can also be used for financing between phases of construction, until the construction is completed to a stage whereby the mortgagee lender will advance funds to pay for the phase of the construction. Usually, when the mortgage is advanced, the proceeds of the mortgage are used to return the bridge or interim financing. Bridge financing is also used when a sale closes after a purchaser takes possession on a purchase.
BROKERPerson licensed by the provincial or territorial government to trade in real estate; may form companies of offices which appoint sales representatives to provide services to the seller or buyer, or they may provide the same services themselves; also referred to as agents.
BUILDING CODESRegulations established by government providing for structural requirements.
BUILDING PERMITCertificate that must be obtained from the municipality by the property owner or contractor before a building can be erected or repaired; it must be posted in a conspicuous place until the job is completed and passed as satisfactory by a municipal building inspector.
BUYDOWNA payment to the lender from the seller, buyer or third party causing the lender to reduce the interest rate during the term of the mortgage.
BUYER BROKERAGE AGREEMENTWritten agreement between the buyer and the buyer’s agent, outlining the agency relationship between the two parties, and the manner in which the buyer’s agent will be compensated.
BUYER’S AGENTPerson or firm representing the buyer; primary allegiance is to the buyer.