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Houston Mortgage > Glossary >
Home Equity > B 31-40
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Bona fide
In good faith. In real estate, a bona fide purchaser or seller has the legal right to give or receive title.
Bond
A debt instrument, issued for a period of at least one year that pays a fixed rate of interest for a specific period. A bond is an IOU from a corporation or government entity. Corporations and governments borrow money from investors by issuing bonds. Bonds represent debt, as opposed to stocks, which represent ownership in a company. Usually, the principal is repaid at the maturity date.
Book value
The value of a property, item or company as a capital asset based on its cost plus any additions, subtracting depreciation.
Boot
Cash or other property used in an exchange to make the values of property traded equal. For instance, if you trade in a delivery truck on a new model, the cash you pay in addition to your old truck is boot.
Borough
In some states, an incorporated town. Also, one of five administrative units of New York City (Bronx, Brooklyn, Manhattan, Queens, Staten Island).
Borrow
1. To get a loan of money. 2. Sand, gravel or other material used for grading.
Borrow pit
A hole from which topsoil, gravel or other material has been removed for use in a construction project.
Borrower
One who gets a loan.
Boundary
The line dividing adjacent properties.
Breach of contract
Failure to abide by terms of a legal agreement without a legal excuse.
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