Real Estate Appraisal Software,

INNOCENT PURCHASER FOR VALUE
One who purchases real property without notice, actual or constructive, of any superior rights or interests in the real property.

MONUMENTS
Visible markers, both natural and artificial objects, which are used to establish the lines and boundaries of a survey.

STATUTE OF FRAUDS
That law which requires certain contracts to be in writing and signed by the party to be charged therewith in order to be legally enforceable.

QUIET TITLE ACTION
A circuit court action intended to establish or settle the title to a particular property, especially where there is a cloud on the title.

REFINANCE
The act of obtaining a new loan to pay off an existing loan; the process of paying off one loan with the proceeds from another.

ZONING
The regulation of structures and uses of property within designated districts or zones. Zoning regulates and affects such things as use of the land, types of structure permitted, building heights, setbacks, and density (the ratio of land area to improvement area).

NOTICE OF DEFAULT
A notice to a defaulting party that there has been a default, usually providing a grace period in which to cure the default.

LIEN
A legal claim by one person on the property of another for security for payment of a debt.

RAW LAND
Unimproved land; land in its unused natural state prior to the construction of improvements such as streets, lighting, sewers, and the like.

ACCRUED
That which has accumulated over a period of time such as accrued depreciation, accrued interest or accrued expenses.

FIRST REFUSAL, RIGHT OF
The right of a person to have the first opportunity either to purchase or lease real property.

LINE OF CREDIT
A maximum amount of money a bank will lend one of its more reliable and credit worthy customers without need for any formal loan submission.

TITLE
Document which gives evidence of ownership of a property. Also indicates the rights of ownership and possession of the property.

LIEN
A legal claim by one person on the property of another for security for payment of a debt.

DISCLAIMER
A statement denying legal responsibility, frequently found in the form of, "There are no promises, representations, oral understandings or agreements except as contained herein."

VA LOANS
Fixed-rate loans guaranteed by the U.S. Department of Veterans Affairs. They are designed to make housing affordable for eligible U.S. veterans. VA loans are available to veterans, reservists, active-duty personnel, and surviving spouses of veterans with 100% entitlement. Eligible veterans may be able to purchase a home with no down payment, no cash reserve, no application fee, and lower closing costs than other financing options. The maximum VA loan amount is currently $203,000.

MONTH-TO-MONTH TENANCY
A periodic tenancy where the tenant rents for one month at a time. In the absence of rental agreement (oral or written), a tenancy is deemed to be month-to-month, or in the case of boarders, week-to-week.

MORTGAGE BROKER
An individual or company that arranges financing for borrowers.

ACCELERATED DEPRECIATION
A method of calculating the depreciation of certain property (that property which is used in a trade or business, or which is held for the production of income) at a faster rate than would be achieved from using the straight line method of depreciation.

AD VALOREM
Latin for "according to valuation," usually referring to a type of tax or assessment.

REDEMPTION, EQUITABLE RIGHT OF
The right of a mortgagor who has defaulted on the mortgage note to redeem or get back his title to the property by paying off the entire mortgage note prior to the foreclosure sale.

EXECUTOR
A person appointed by a testator to carry out the directions and requests in the last will and testament, and to dispose of property according to the provisions of the will.

LIBOR (LONDON INTERBANK OFFERED RATE)
The interest rate charged among banks in the foreign market for short-term loans to one another. A common index for ARM loans.

MONTH-TO-MONTH TENANCY
A periodic tenancy where the tenant rents for one month at a time. In the absence of rental agreement (oral or written), a tenancy is deemed to be month-to-month, or in the case of boarders, week-to-week.

SALE AND LEASEBACK
A transaction in which, typically, an owner sells his improved property and as part of the same transaction signs a long-term lease and remains in possession.

RESTRICTIONS
Limitations on the use of property. Private restrictions are created by means of restrictive covenants written into real property instruments, such as deeds and leases.

INDUSTRIAL PARK
An area zoned industrial and containing sites for many separate industries and developed and managed as a unit, usually with provisions for common services for the users.

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