B

Back Title Letter or Certificate: See Starter.

Bankruptcy: A special proceeding under federal, or in some instances state, laws by which the property of a debtor is protected by the court and may be divided among the debtor's creditors and the debtor.

Beneficiary: See Deed of Trust.

Blanket or Trust Deed: A mortgage or trust deed that covers more than one lot or parcel of real property, and often an entire subdivision. As individual lots are sold, a partial reconveyance from the blanket mortgage is ordinarily obtained.

Bona Fide Purchaser: One who buys property in good faith, for fair value, and without notice of any adverse claim or right of third parties.

Branch: A subordinate or division office of First American Title Insurance Company, as opposed to an affiliate, agent, subsidiary or underwritten firm associated with the Company.

Breach of Contract: Failure to perform a contract, in whole or part, without legal excuse.

Building Contract: An agreement between an owner or lessee and a building contractor, setting forth terms relative to the construction of a proposed structure.

Buydown: A payment to the lender from the seller, buyer, third party, or some combination of these, causing the lender to reduce the interest rate during the early years of a loan. The buydown is usually for the first one to five years of the loan. (See also: Certificate Backed Mortgage).