PAYMENT final payment on a note. It
is usually substantially larger than any of the preceding installments.
AND MERIDIAN Established lines
used by surveyors to locate and describe land under the rectangular survey
method of property description used in most states. The first north-south line
is the principal meridian; the first east-west line is the base line.
BASE MAP A map with reference points - such as
state, county, township, or state and geodetic coordinate lines, or other
features - on which land ownership data can be plotted.
Land between low tide
water's edge and river bank or levee. Batture land is generally in the same
ownership as abutting land, but may be sold separately.
BEARING The cardinal direction (North,
South, East, West) of a line; e.g., North 50 degrees, 30 minutes West.
BENCH MARK A mark of known elevation affixed to a
permanent reference or monument, such as an iron post or brass marker, usually
embedded in cement or a concrete structure and used to establish elevations
over other surveys in the area.
BENEFICIARY A person who receives and benefits from the
gifts or acts of another, such as one who is designated to receive the proceeds
from a will or trust.
BEQUEATH To leave personal property to another
by will. To leave real property by will is to devise.
BILL OF SALE
A written instrument transferring title,
right, and interest in personal property to another.
BINDER An agreement to cover an earnest money deposit
for the purchase of real property as evidence of the purchaser's good faith and
intention to complete the transaction.
MORTGAGE A single mortgage which covets
more than one piece of real estate.
BOND Any obligation under seal. A real estate
bond is a written obligation, usually issued on security of a mortgage or a
BORROW PIT Location where borrow material is removed;
CONTRACT Violation of any of the terms or
conditions of a contract without legal excuse.
AUTHORITY The authority to enter into
obligations that will result in immediate or future expenditure of Federal
funds. The three main kinds of budget authority ate appropriation, contract
authority, and borrowing authority.
RIGHTS Beneficial interests or
rights which attach to the ownership of real property, including the right to
sell, lease, encumber, use, enjoy, exclude, will, etc.