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Balloon Mortgage

This type of mortgage can vary in length and types. For example, taking out a balloon mortgage can mean that you make monthly payments of both principal and interest or just monthly payments of interest only for a specified length…

Binder or “Offer to Purchase”

A preliminary agreement, secured by the payment of earnest money, between a buyer and seller as an offer to purchase real estate. A binder secures the right to purchase real estate upon agreed terms for a limited period of time.…

Building Line or Setback

Distances from the ends and/or sides of the lot beyond which construction may not extend. The building line may be established by a filed plat of subdivision, by restrictive covenants in deeds or leases, by building codes, or by zoning…