You've probably heard some real estate terms and are wondering what in the world they mean. Use this glossary to look them up! If you are wondering what a word or phrase means and I don't have it in the glossary, please send me an email asking!

Back-to-back escrow
Arrangements that an owner makes to oversee the sale of one property and the purchase of another at the same time.

Backup offer
A secondary bid for a property that the seller will accept if the first offer fails.

Balloon loan
A mortgage in which monthly installments are not large enough to repay the loan by the end of the term. As a result, the final payment due is the lump sum of the remaining principal.

Balloon payment
The final lump-sum payment due at the end of a balloon mortgage.

Bearing wall
A wall that supports its own weight in addition to other parts of a structure.

Breach of contract
The failure to perform provisions of a contract without a legal excuse.