"Balanced" is a property that a binary tree may have. It generally means that each node in the tree has approximately the same number of descendant nodes on each subtree underneath it. It more specifically means that the "height" of the tree has been minimized.
For a tree that is not "Balanced", it is possible to have a binary tree where all the "left" child nodes are null, and it still otherwise has the properties of a "binary search tree". This is called a degenerate tree, as it is structurally more like a Linked List, and therefore would have O(N) search time instead of O(log(N)).