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Glossary Of Real Estate Terms
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Glossary B

Balance Due on Completion:

The amount of money the purchaser will be required to pay to the vendor to complete the purchase, after all adjustments have been made.
Blended Mortgage:
A combination of two mortgages, one with a higher interest rate than the other, to create a new mortgage with an interest rate somewhere between the two original rates.
Blended Mortgage Payments:
Equal or regular mortgage payments consisting of both a principal and an interest component. With each successive payment, the amount applied to interest decreases and the amount applied to the principal increases, although the total payment doesn't change during the term. 
Breakage Costs:
A sum of money paid to the lender for the prepayment of a closed mortgage in part or in full prior to maturity of the term.
Broker:
A person licensed by the provincial or territorial government to trade in real estate.
Building Permit:
A certificate that must be obtained from the municipality by the property owner or contractor before a building can be erected or renovated.
Building Line:
A line fixed at a certain distance from the front and/or sides of a building lot, beyond which no building can project.
Business:
Any undertaking for the purpose of profit, including any interest in any such undertaking.
Buyer's Agent (also known as "Purchaser's Agent"):
A person or firm representing the buyer.
Buy-down:
When the seller reduces the interest rate on a mortgage by paying the difference between the reduced rate and market rate directly to the lender, or to the purchaser, in one lump sum or monthly installments. 
Buyer Agency Agreement:
A written contractual agreement in which an agent commits to provide services necessary to secure a transaction and the purchaser commits to working exclusively with that agent for a specified time period.



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