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Backup Contract
A contract to supersede one that fails. This contract will become effective if one already negotiated fails to be completed.

Bill of Sale
It’s a sale document stating that something has been sold or transferred to the ownership of another party. It can be a written document that transfers title to personal property. For example, when selling an automobile to attain funds, can be used as a source of down payment or for closing costs, the lender will usually entail the bill of sale (in addition to other items) to help document this source of funds.

Binder
A preliminary agreement secured by solemn money depositor through which the buyer offers to purchase the home.

Bona fide
An authentic and genuine character in nature to be sincere and honest without any intention of mislead in any venture.

Buyer
Any person who decides to buy a property or intends to invest money to pay the property.

Broker
A broker is anyone who acts as an agent and brings two parties together for any type of transactions and also earns money for the work they accomplished. Most Realtors are agents who work under a broker. Some agents are brokers as well, either working for themselves or under another broker. Considering 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. A broker is a party that mediates between a buyer and a seller and who also acts as a seller or as a buyer becomes a principal party to the deal.