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Back ratio	The ratio of monthly housing costs (principal, insurance, taxes, and interest) plus regular monthly payments to gross monthly income, used by the lender to evaluate an applicant's qualification for a loan; typical back ratios are between 32 - 45 percent
Balloon mortgage	A mortgage with level monthly payments over a stated term, but which requires a lump sum payment in full due at the end of an earlier specified term
Balloon payment	The final lump sum payment that is made at the maturity date of a balloon mortgage, which is larger than preceding regular payments
Bankruptcy	A legal proceeding in a federal court in which a debtor who owes more than the total of his or her assets can surrender those assets to the Bankruptcy Court, thereby being relieved of the future obligation to repay his or her unsecured debts; a Trustee in Bankruptcy administers the assets, selling them to pay as much of the debt as possible
Bargain and sale deed	A deed that carries with it no warranties against liens or other encumbrances, but which implies that the grantor has the right to convey title
Basis	The financial interest an owner of an investment property has, as determined by the Internal Revenue Service, in order to determine annual depreciation and gain or loss on the sale of the asset Adjusted Basis: When property is purchased, the owner's basis is calculated to be the property cost plus the value of any capital expenditures for improvements made, minus any depreciation taken
Benchmark	A permanent reference mark made on a piece of property for the sake of surveyors
Beneficiary	The person named to receive income from a trust, an estate, or a deed of trust
Bequeath	To gift or transfer personal property to another party, executed via a will
Betterment	An improvement to property that increases its value, as opposed to repairs or changes that maintain its value only
Bid	A financial offer to purchase a property
Binder	A preliminary agreement for the purchase of real estate, secured by the payment of an earnest money deposit which evidences the purchaser's good faith and intent to complete the purchase
Blanket loan	A mortgage covering more than one parcel of real estate, which provides for each individual parcel's partial release from the mortgage upon repayment of a portion of the debt
Bond	A written financial obligation, usually secured by a mortgage or a deed of trust, and often posted with the Court, to guarantee against loss incurred with a potential claim
Breach	Failure to follow through on a contractual promise or legal obligation
Bridge loan	A form of second trust, collateral for which is the borrower's present home, usually taken on to allow the proceeds from the sale of the borrower's present home to be used to close on a new home, before the previous home is sold
Broker	An intermediary who assists in negotiating contracts between two or more parties, for a fee; in real estate, a broker is licensed to assist in the purchase, selling, rental or managing of real estate; the broker's services will vary, depending on whether he or she is employed by the seller or the buyer
Building code	An ordinance that specifies minimal standards for construction, alteration, or demolition of a building, set for the sake of safety
Building Restriction Line (or "Set-back")	The minimal distance from the road where a building may be positioned, which appears in the original plat of subdivision, restrictive covenants, or in zoning ordinances and building codes
Bureau of Land Management	The branch of government responsible for the surveying and management of public lands
Buy-back agreement	A written agreement which specifies the conditions under which the seller is allowed to repurchase the property, usually restricted to a certain period of time and to a price stated in the agreement
Buydown	When the lender or home builder lowers the interest rate on initial payments on a loan, often for the first few years, allowing a borrower whose income is expected to increase in subsequent years to qualify for a loan they otherwise are currently not qualified for
Buyer-agency agreement	When the broker is the agent for the buyer and is financially obliged to the buyer
Buyer's market	When the real estate buyer is at advantage because there is more supply of houses or real estate available for sale than there is demand, thus lowering prices

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Charlotte Savoy Keller Willams Crossroads Two Offices to Serve You Ellicott City, MD and Glen Burnie, MD Office: 410 766-8000 Fax: 410-766-8005 Charlotte@HibanGroup.com Charlotte is a native of Howard County and has lived in Maryland her entire life. She currently lives in Ellicott City with her husband, Ike and their three sons Josh, Jalen and Braeden along with their goldendoodle Maya. Charlotte has been in the customer service arena for her entire adult life. She began her real estate career in 1998 and has rapidly taken on more and more responsibility as opportunities arose. She is an experienced agent, having helped more than 1000 customers with their home sale or purchase. Her knowledge of the market and the customer's needs makes her a very successful agent with many customers that return time and time again. This kind of experience can lead to only one conclusion…painless transactions for her customers! She is known for her sincerity, professionalism and enthusiasm for the real estate business. From 2004-2007, Charlotte has been the Top Producing agent at The Pat Hiban Real Estate Group.

Pat Hiban Keller Williams Crossroads Two Offices to Serve You Ellicott City, MD and Glen Burnie, MD Office: 410-766-8000 Fax: 410-766-8005 homes@hibangroup.com Pat was born at Georgetown Hospital and has been a Central Maryland resident since his birth. He is a graduate of Wilde Lake High School and Frostburg State University. He currently lives in Columbia with his wife, Kim; 2 daughters and 2 labradors, Libra and Piper. Pat is an active runner, weight trains and practices Tae Kwon Do. In his free time he enjoys his family and enjoys writing. We are currently the #2 Team out of 80,000+ agents in the USA! Last year we sold more than $150 Million Dollars in Real Estate, while providing a level of service that is second to none! www.HibanGroup.com is brought to you by Pat Hiban Real Estate Group NUMBER1EXPERT™ in real estate for Glen Burnie, Pasadena and Howard County, Maryland Read Pat Hiban Real Estate Group's Privacy Guarantee, Terms of Service, and Free & Without Obligation Pledge

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