Bankrupt

A financially depleted person, ie. a person: against whose estate a sequestration (seizure) order has been made, or who has become bankrupt by virtue of the presentation of a debtor's petition.

Bed (of stream)

The whole of the soil of any lake or stream between the banks including that part which is alternatively covered and left bare through fluctuations in normal (but not flood) water flow.

Bench Mark

A survey mark used to establish the relative height of a feature in a plan - usually measured as a Reduced Level, AHD.

Beneficiary

A person acquiring land or other forms of property under a will.

Bill of Sale

A mortgage of goods and chattels (personal property) given in security for money borrowed - does not affect land.

Blaze

A prominent survey mark cut into a tree.

Body Corporate

The former management body of the common property under the Conveyancing (Strata Titles) Act 1961 and the Strata Titles Act 1973. Now known as the Owners Corporation.

Bona Fide

In good faith.

Bounds

The limits of a parcel of land, especially by reference to those lands and features by which it is bounded - see also Metes, hence metes and bounds descriptions of land.

By Laws

By Laws are rules or regulations governing a Strata or a Community Development scheme which have been determined by the developer, or are statutory By Laws (exist at law). They apply to Strata Plans and Community, Neighbourhood and Precinct Plans and are set out in Management Statements.

Basic variable

A variable home loan, generally at a lower rate and with less features than a standard variable home loan.

Break costs

The fees incurred when a loan is paid off ahead of time.

Body corporate

An administrative body made up of all the owners within a group of units or apartments of a strata building. The owners elect a committee which handles administration and upkeep of the site. Also known as owners corporation.

Bridging finance

A short-term loan used to bridge the gap between buying a new property and selling an existing one.

Bottom feeders

Coloquial term used to describe customers who buy only clearance or low value merchandise.

Big Box Stores

Commonly referred to by Retail Minded as the “big dogs”, big box stores are large stand alone stores that carry assorted merchandise. An example would be Macy’s or Target. Big box stores may also be categorized as department stores, discount stores, or warehouse stores depending on the store itself.

Boutique

Refers to small shops or stores that are independently owned and often sell a product assortment that is not duplicated exactly in any other store.

Balance Sheet

One of the big 3 financial statements that shows the financial condition of the business at a given point in time. List assets, liabilities and net worth or Owner’s equity. Based on the formulae assets = liabilities + equity.

Brand

A brand is a name, symbol or other identifying mark for a seller's goods or services. It is distinct from other sellers.

Brand Awareness

A gauge of marketing effectiveness measured by the ability of a customer to recognize and/or recall a name, image or other mark associated with a particular brand.

Bill of Lading

A bill of lading is a document used as evidence that a transport company or carrier received goods from a shipper.

Break-Even Point

The Break-Even Point is the point in business where the sales equal the expenses. There is no profit and no loss.