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Title Insurance Terms & Phrases

Terms and Phrases is Chicago Title's Glossary of definitions, meanings, and descriptions of significance for some of our industry's most often used terms and phrases.

Balloon Payment
Final installment payment of a promissory note larger than any single preceding installment payment.
Bankruptcy
A proceeding in U.S. Bankruptcy Court wherein assets of a debtor (unable or unwilling to pay debts) are applied by an officer of the court in satisfaction of creditor claims.
Base Lines
Imaginary east-west lines that intersect meridians to form a starting point for measurement of land.
Bench Mark
Location indicated on a durable marker by a land surveyor.
Beneficiary
One for whose benefit a trust is created. A lender secured by a deed of trust.
Beneficiary’s Demand
Payment required by a beneficiary under a deed of trust before authorizing recon-veyance.
Beneficiary’s Statement
Statement of a beneficiary under a deed of trust as to principal balance due on a promissory note and other information concerning the loan.
Benevolent Associations
Voluntary non-profit aggregations organized for the benefit of members.
Bequeath
To give personal property by will.
Betterment
Substantial improvement to real property.
Binder
Written agreement to issue, within a specified time, a policy of title insurance. Contract to insure.
Blanket Mortgage or Deed of Trust
A mortgage or deed of trust on more than one lot or parcel.
Blue Sky Law
A law (generally of a state) protecting the public from investing in fraudulent companies. Usually requires full disclosure of risks associated with investment before the investment entity puts investor’s monies at risk.
Bona Fide
In good faith.
Bona Fide Purchaser
A purchaser in good faith, for fair value and without notice of any adverse claim or right of third parties.
Bond
A written undertaking to pay a certain sum of money.
Bonded Debt
An indebtedness secured by a bond issue.
Building Contract
Agreement for the construction of a proposed structure.
Building Lines
Lines established by ordinance or by statute beyond which building is not permitted.
By-Law
A rule adopted for the internal government of a corporation or unincorporated association.
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