Welcome back to RealtyMyths weekly word wizard! Here are some real estate terms that you must know.
Bequest: A provision in a will providing for the distribution of personal property.
Bilateral contract: A contract in which each party promises to perform an act in exchange for the other party’s promise to perform.
Blanket mortgage: A mortgage that covers more than one parcel of real estate and provides for each parcel’s partial release from the mortgage lien on repayment of a definite portion of the debt.
Breach of contract: The failure, without legal excuse, of one of the parties to a contract to perform according to the contract.