backfill
To refill ground that had been dug up for construction or development purposes.

backup offer
Secondary offer made to protect one’s interests in case the first offer fails.

baffle
An acoustic barrier often inserted above a ceiling to provide soundproofing.

balance sheet
A report showing the financial position or condition of a business at a given date. Also called Statement of Financial Position or Statement of Financial Condition.

balcony
An area with a wall or bars around it that is joined to the outside wall of a building on an upper level.

balloon payment
A repayment of a loan or bond, usually but not necessarily the final repayment, which is larger in amount than the preceding or earlier installments. This kind of arrangement is referred to as “ballooning” a loan.

bank guarantee (performance guarantee)
A secured promissory note provided by a financial institution on behalf of a contractor or party as a guarantee of their performance often used in lieu of retention.

bankrupt
A situation where the liabilities of a business or an individual are greater than the assets, making it impossible to meet debts and other outstanding.

bare shell
Property that is delivered to buyer without decoration.

base rent
The minimum rent for a commercial property without taking into account any add-ons like percentage of sales/profit that make up the total lease package.

base rent abatement
During any period of reconstruction or repair after a major casualty, if the lessee’s ability to conduct business in the demised premises is materially hindered or impaired, the base rent and any maintenance charges due from the lessee will abate during the period in which the demised premises is unusable.

base year
The year which forms the base for all future calculations of rents or values.

basement
An underground or partially underground level, below the ground floor of a building.

basis point
One-hundredth of one percentage point.

beam
Long, stout piece of wood, metal or concrete that sits atop two or more pillars or walls and supports the weight of the structure above.

bearer
The holder of a commercial instrument.

bearer instruments
Commercial instruments like bonds, checks, etc., that give the person having it (bearer) the right to encash it.

bedrock
Solid rock below the earth.

bedroom community
A residential area outside a central city area.

bench mark
A standard against which other things are judged. Often used in surveys to determine the height or distance of a structure.

beneficial estate
Estate or property the ownership or enjoyment of which will vest in the intended beneficiary after a period of time, usually in terms of a will or a trust deed.

beneficial interest
An interest in property held by a beneficiary who is not necessarily the owner of the legal interest, eg., where a legal estate is owned by a trustee (trustees) under a trust entitling the beneficiary to the financial rewards available after meeting all due obligations.

beneficial owner
1) A person enjoying or entitled to property for his own benefit, not, for instance, as a trustee who holds the legal estate in land for the benefit of another. The owner of the legal estate is usually the beneficial owner, but if the legal estate is vested in trustees, the beneficial owner has only an equitable interest. He is then known as the beneficiary or cestui que trust.
2) The person who is the real owner of a security, and thereby entitled to all consequential benefits, as distinct from a nominee who holds securities on behalf of another.

beneficiary
Someone who receives property or offer assets in a will. Someone for whose benefit a trust is set up.

bequeath
To give property by way of a will.

bequest
Property that is given to someone by a will.

best rent
The highest rent which can reasonably be expected by a landlord in the circumstances of a particular case.

betterment
Any improvement to a property.

bid
An offer to buy or construct or build something where more than one party is (usually) interested.

Bill of Quantities (BoQ)
A schedule of all labor and material items required to construct a facility that is priced on an itemized basis.

bill of sale
A document transferring property to another.

billboard
A flat board affixed to land or buildings where advertisements are posted.

binding obligations
The rights and duties agreed upon and described in an agreement executed between two parties that are binding upon the parties to the agreement (eg. landlord and tenant or vendor and purchaser).

blighted area
An area that is run-down and decrepit looking.

blind corner
Corner where drivers cannot see traffic coming at right angles because of the presence of some visual obstruction.

block
An area in a city enclosed by roads on all sides.

blue chip
The description given to a corporation or company with a high level of financial stability, eg., a government department or large corporation.

board resolution
A legally binding document executed by the board member of the corporate which authorizes certain acts or decisions to be carried out by the company. A board resolution can form part of the agreement and may be required by the lessor and the lessee before the agreement is executed.

bona fide
Legal term meaning actions, or individuals that are honest and in good faith.

bond
A deed by which one agrees to indemnify another person against losses suffered on account of acts of omission or commission by the former. Also means a debt security.

book depreciation
Depreciation shown in the books of accounts.

book gain/loss
A notional gain or loss represented by the difference between acquisition cost of an asset, as shown in the accounts, and its market value at a particular time.

book value
The value which is ascribed to a property shown in the accounts as a capital asset but is not necessarily current market value, since it may be based on actual cost (less depreciation, if any) or on an earlier valuation after acquisition.

boulevard
Wide, tree-lined street.

boundary
The line or structure separating two contiguous properties, states or countries.

boundary mark (MYS)
Any survey stone, iron pipe, or spike, wooden peg or post, concrete post or pillar or other mark used for the purpose of making boundaries.

breach of contract
An act or omission, contrary to one or more provisions in a contract and therefore giving the aggrieved party a right to enforce specific performance, to rescind the contract and/or to claim damages, the remedy available depending upon the nature of the breach.

breach of covenant
Failure to adhere to the terms of a promise.

breach of warranty
Failure to comply with a contractual undertaking, eg., the failure of a vendor to pass title or give vacant possession when such has been warranted. Such a breach normally entitles the innocent party to damages, although the breach of a warranty in an insurance contract by the insured normally entitles the insurer to treat the contract as discharged.

break clause
A clause in the lease which gives the landlord and/or the tenant a right, in specified circumstances, to terminate the lease before its normal expiry date. It usually defines the length of the notice to be given and may be subject to contractual or statutory financial provisions.

break-even analysis
A cash flow technique, which, on such assumptions as are made, shows the profit (or loss) of a project and its breakeven point.

break-even point
A financial state where total income is the same as total expenditure, leaving no profit or loss.

break-up value
The value of a specific property, eg., an estate of land and building, based on the assumption that it is lotted and sold in parts, in such a manner as to achieve the best possible price.

bridge
A road or a pathway built over a river, gorge or other natural or manmade obstruction to allow the passage of vehicular or human traffic to the opposite side.

bridge financing
A loan which is generally given to allow the borrower to tide over some immediate requirement while he awaits a more permanent or long-term solution to his financial needs.

brief
A document that identifies the clients needs and requirements that will be developed into a design for the contractor to construct.

British thermal unit (BTU)
Unit of heat used to describe the capacity of heating and cooling systems.

broker/dealer
A person who brings together a buyer and a seller in return for a commission (usually a percentage of the total deal value).

brokerage
1) Commission paid to a broker. 2) The activity of a broker in bringing together two parties in a transaction.

brokerage commission
The amount paid as consideration to a broker.

buffer strip (buffer zone)
Portion or strip of land between two areas.

build to suit
A property custom built to suit the specifications of the long-term lessee.

builder
One who builds buildings.

builder bond
A bond issued by a builder to ensure the completion of a building (see bank guarantee).

building
A manmade structure where people live, meet or carry out business. For example, house, office, mall, temple, etc.

Building Application (BA)
An application to the local authority relating to the detailed design and construction of a proposed building.

building code
A list of laws, conventions and practices that govern the construction and maintenance of real estate assets.

building completion date
The date provided by the landlord by which date the building is made operational in all aspects including all onsite and offsite works (described in detail in the agreement), obtaining the necessary approvals including Occupation Certificate, for the demised premises to be occupied.

building consent
Authority approval for building work.

building contract
A contract between an owner or occupier of land and a building contractor, setting forth the terms under which construction is to be undertaken. A contract will normally include details of work to be carried out, basis of remuneration, time-scale, and penalties, if any, for failure to comply with terms of the contract.

building contractor
A builder who enters into a contract under which he becomes obligated to carry out building or engineering works of a nature, extent and specification described in the contract and usually within a prescribed period.

building insurance replacement cost
The estimated construction costs of a replacement building. It is to be covered by the insurance policy against losses due to structural damage caused by fire only and does not include any consequential loss and liabilities to third parties.

building line
The line on a street or area beyond which no construction can take place. Its purpose is to ensure that buildings are not built too close to each other or to the street.

building permit
A permit granted by the construction or building authority to construct a building.

building residual technique
A method of disaggregating the value of land from the total value of a property to arrive at the value of the building.

building restrictions
Restraints placed on the absolute right of a property owner from building whatever he wants.

built-ins
Utilitarian items like cupboards, bathtubs, stoves, ovens, etc., that are built into the building so as to make them immovable.

bullet
A borrowing in which the repayment of all the principal is made at maturity.

business park
An integrated development whereby businesses are provided with common infrastructure, facilities and services. This results in lower costs and, therefore, greater competitiveness for individual businesses.

buttress
Something that provides support to a wall.

buyer’s market
In the property market, a condition of supply and demand in which those seeking to purchase are in a relatively strong negotiating position because of a degree of oversupply.

by-laws
Internal rules that govern the activities of a company, association or society.