Home Appraisal Washington Dc,

GRANDFATHER CLAUSE
Common expression used to convey the idea that something which was once permissible continues to be permissible despite changes in the controlling law.

CLOSING (OR SETTLEMENT)
The settlement or closing is the conclusion of your real estate transaction. It includes the delivery of your security instrument, signing of your legal documents and the disbursement of the funds necessary to the sale of your home or loan transaction (refinance).

COOPERATING BROKER
A broker who joins with another broker in the sale of real property.

MARGINAL LAND
Land which is of little value because of some deficiency, such as poor access, lack of adequate rainfall, or steep terrain.

ABANDONMENT
The voluntary surrender or relinquishment of possession of real property with the intention of terminating one's possession or interest, but without vesting this interest in any other person.

WALK-THROUGH
A final inspection of a home to check for problems that may need to be corrected before closing.

BANKRUPTCY
A proceeding in a federal court to relieve certain debts of a person or a business unable to pay its debts.

CONTINGENCY
A provision placed in contract which requires the completion of a certain act or the happening of a particular event before a contract is binding.

BROKER
An individual who brings buyers and sellers together and assists in negotiating contracts for a client.

PRINCIPAL BROKER
The licensed broker directly in charge of and responsible for the real estate operations conducted by a brokerage company.

COMMISSION
The compensation paid to a real estate broker(usually by the seller) for services rendered in connection with the sale or exchange of real property.

STANDING LOAN
A commitment by the interim or construction lender to keep the money already funded in the project for a specified period of time after the expiration of the interim loan, usually until permanent take-out financing is secured.

COMMERCIAL PROPERTY
A classification of real estate which includes income producing property such as office buildings, gasoline stations, restaurants, shopping centers, hotels and motels, parking lots and stores, and other similar uses.

DOWER
The legal right or interest a wife acquires in property her husband held or acquired anytime during marriage.

LAND TRUST
An association organized by common owners of real property, which holds title to the real property in the name of one or more trustees for the benefit of the owners, whose beneficial interests may be represented by trust certificates.

WARRANTY DEED
A deed in which the grantor fully warrants good clear title to the premises. Also called a general warranty deed.

METES AND BOUNDS
A common method of land description that identifies a property by specifying the shape and boundary dimensions of the parcel, using terminal points and angles.

CLIENT TRUST ACCOUNT
An account set up by a broker to keep client's monies segregated from the broker's general funds.

CLUSTER DEVELOPMENT
The grouping of housing units on less than normal size homesites, with the remaining land being devoted to common areas.

CAPS (PAYMENT)
Consumer safeguards which limit the amount monthly payments on an adjustable-rate mortgage may change. Since they do not limit the amount of interest the lender is earning, these consumer safeguards may cause negative amortization.

REALTOR
A registered word which may only be used by an active real estate broker who is a member of the state and local real estate board affiliated with the National Association of Realtors. The use of the name REALTOR and the distinctive seal in advertising is strictly governed by the rules and regulations of the National Association.

CLOSING COSTS
Costs for services that must be performed before your loan can be initiated. Examples include title fees, recording fees, appraisal fee, credit report fee, pest inspection, attorney's fees, and surveying fees.

EASEMENT IN GROSS
The limited right of one person to use another's land (servient estate), which right is not created for the benefit of any land owned by the owner of the easement; that is, there is no dominant estate, as the easement attaches personally to the owner, not to the land.

Realtor in Hampton Roads, Hampton Roads Real Estate Agent www.shaunotoole.com Helping you with all your real estate needs in Hampton Roads	Chesapeake Virginia Real Estate Agent, Realtor In Chesapeake www.chesapeakeva-re.com Chesapeake Virginia Homes	Norfolk Virginia Real Estate Agent, Realtor In Norfolk www.norfolkva-re.com Norfolk Virginia Homes	Virginia Beach Real Estate Agent, Realtor In Va Beach www.virginiabeachva-re.com Virginia Beach Virginia Homes	Ads