Dictionary

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Buydown Account

An account in which funds are held so that they can be applied as part of the monthly mortgage payment as each payment comes due during the period that an interest rate buydown plan is in effect.

Buydown Mortgage

A temporary buydown is a mortgage on which an initial lump sum payment is made by any party to reduce a borrower’s monthly payments during the first few years of a mortgage. A permanent buydown reduces the interest rate over the entire life of a mortgage.

Buyer Agency

An agency relationship between the broker and the buyer with fiduciary duties owed to the buyer.

Buyer Representation Agreement

A contract that establishes a broker-buyer agency relationship.

Buyer Representation Agreement

A contract that establishes a broker-buyer agency relationship.

Buyers Broker

Real estate broker retained by a prospective buyer, this buyer becomes the brokers client to whom fiduciary duties are owed.

Bylaws

Rules and regulations adopted by an association.