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Home » Real Estate Terms  
Real Estate Terms
 
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

BHK
Bedroom, Hall & Kitchen

Bigha
A unit for measuring land. 1 Bigha = 20 Kottah

Blended Rate
An interest rate charged on a loan, which is in between a previous rate and the new rate. Blended rates are usually offered through the refinancing of previous loans, and charge a rate that is higher than the old loan's rate but lower than the rate on a new loan.

Broker
Broker has several meanings in different situations. Most Realtors are "agents" who work under a "broker." Some agents are brokers as well, either working form themselves or under another broker. In the mortgage industry, broker usually refers to a company or individual that does not lend the money for the loans themselves, but broker loans to larger lenders or investors.

Brokerage Commission
paid by the seller to a Real Estate Broker, to compensate the Broker(s) involved in the sale for their services in marketing the property, finding a buyer, and assisting in the negotiations. Brokerage commissions are usually computed as a percentage of the sale price, and are established in a listing agreement between the seller and the listing broker. The listing broker may offer Buyer Agents a portion of their commission as an incentive to find buyers for the property. Payment is required if real estate brokerage service was used. This is often one of the largest closing costs.

Brokerage Company
A business whose main responsibility is to be an intermediary that puts buyers and sellers together in order to facilitate a transaction. Brokerage companies are compensated via commission after the transaction has been successfully completed.

BSP-Flat Cost
Basic Sale Price

Builder
Real Estate Developer

Built Up Area
Carpet area + area of walls and ducts. Around 10% more than the carpet area. A terrace is considered as half the actual area for calculating built up area. Some projects charge dry terrace same as internal rooms.

Bunglow
A one-story house, cottage or cabin. Bungalows are generally small in terms of square footage, but it is not uncommon to see very large bungalows. Bungalows were originally designed to provide affordable, modern housing for the working class.

Buydown
A mortgage-financing technique with which the buyer attempts to obtain a lower interest rate for at least the first few years of the mortgage, but possibly its entire life. The builder or seller or the property usually provides payments to the mortgage-lending institution, which, in turn, lowers the buyer's monthly interest rate and therefore monthly payment. The home seller, however, increases the purchase price of the home to compensate for the costs of the buydown agreement.

 

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