Backdoor Offer A secondary bid for a property that the seller will accept if the first offer fails.
Balloon Payment Any payment of principal over and above the regular payment.
Basic Holdback This refers to what the lienee can hold back in a construction lien agreement.10 % of the price of the construction services (labour and materials) can be withheld by the owner.
Bilateral Both parties are obligated to uphold their end of the deal.
Binding Binding simply means that something works, or that it is legal. If a contract is binding, it means it is legal. There are various reasons why a contract would not be binding: if one party does not sign, for instance, or if one party is under legal age.
Blanket Mortgage A mortgage that covers more than one property owned by the same borrower.
Buy and Flip A person assigns his/her rights under a lease option to another person, giving them the rights you had.
Buy-Down Mortgage A home loan in which the lender receives a premium as an inducement to reduce the interest rate during the early years of the mortgage.