Buying Home Renting Versus,

GOOD WILL
An intangible, salable asset arising from the reputation of a business.

SUMMARY POSSESSION
A legal process used by a landlord to regain possession of the leased premises if the tenant has breached the lease or is holding over after the termination of tenancy.

BOOT
Money or other property given to make up any difference in value or equity between two exchanged properties.

INCOME PROPERTY
Property purchased primarily for the income to be derived plus certain tax benefits, such as accelerated depreciation. Income property can be commercial, industrial or residential.

RENT
Fixed periodic payment made by a tenant or occupant of property to the owner for the possession and use thereof, usually by prior agreement of the parties.

DEFICIENCY JUDGEMENT
A judgment against a borrower, endorser, or guarantor for the balance of the debt issued when the security for a loan is insufficient to satisfy the debt.

RANGE
A measurement, used in the government survey system, consisting of a strip of land six miles wide, running in a north-south direction.

HIGH RISE
A popular expression for a condominium or apartment building generally higher than six stories.

RECEIVER
An independent party appointed by a court to impartially receive, preserve and manage property which is involved in litigation, pending final disposition of the matter before the court.

RESTRICTIVE COVENANT
A private agreement, usually contained in a deed, which restricts the use and occupancy of real property.

REAL ESTATE
The physical land and appurtenances, including any structures; for all practical purposes synonymous with real property.

LANDSCAPING
Shrubs, bushes, trees and the like, on the grounds surrounding a structure.

NEGATIVE CASH FLOW
The investment situation where cash expenditures to maintain an investment (taxes, mortgage payments, maintenance, etc.) exceed the cash income received from the investment.

WASTE
An improper use or abuse of property by one in possession of land, who holds less than the fee ownership, such as a tenant, life tenant, mortgagor, or vendee.

QUIET ENJOYMENT
The right of a new owner or a lessee legally in possession to uninterrupted use of the property without interference from the former owner, lessor or any third party claiming superior title.

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