Buying Home,

GENERAL PARTNER
A co-owner of a partnership who is empowered to enter into contracts on behalf of the partnership and who is fully liable for all partnership debts.

DEED OF TRUST
A legal document in which title to property is transferred to a third party trustee as security for an obligation owed by the trustor (borrower) to the beneficiary(lender).

CREDIT REPORT
A report detailing the credit history of a prospective borrower that's used to help determine borrower creditworthiness.

PERCOLATION TEST
A hydraulic engineer's test of soil to determine the ability of the ground to absorb and drain water.

PROSPECT
A person or corporation who may be interested in buying or selling real property. The prospect does not become a client until the parties establish a fiduciary relationship, such as upon signing a listing contract or upon executing a DROA.

RENT CONTROL
Regulation by state or local governmental agencies restricting the amount of rent landlords can charge their tenants; such regulation is a valid exercise of the state's police power.

SETTLEMENT COST (HUD GUIDE)
HUD - published booklet that provides an overview of the lending process, and that is given to consumers after completing loan application.

DEVISE
A transfer of real property under a will.

CLEAR TITLE
Title to property that is free from liens, defects or other encumbrances, except those which the buyer has agreed to accept, such as mortgage to be assumed, the ground lease of record, and the like; established title; title without clouds.

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

SETBACK
Zoning restrictions on the amount of land required surrounding improvements; the amount of space required between the lot line and the building line.

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

HEIR
A person who inherits under a will or a person who succeeds to property by the laws of descent if the decedent dies without a will (intestate).

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

COST OF FUNDS INDEX (COFI)
An index of the weighted-average interest rate paid by savings institutions for sources of funds, usually by members of the 11th Federal Home Loan Bank District.

SECONDARY MORTGAGE MARKET
A market for the purchase and sale of existing mortgages, designed to provide greater liquidity for mortgages; also called secondary money market.

ANNUAL PERCENTAGE RATE (APR)
The cost of credit expressed as a yearly rate. The annual percentage rate is often not the same as the interest rate. It is a percentage that results from an equation considering the amount financed, the finance charges, and the term of the loan.

APPURTENANT
Belonging to; adjunct; appended or annexed.

ETHICS
A system of moral principles, rules and standards of conduct.

SEPTIC TANK
A sewage settling tank in which part of the sewage is converted into gas and liquids before the remaining waste is discharged by gravity into a leaching bed underground.

FEDERAL TAX LIEN
A federal lien which attaches to real property, either if the federal estate tax is not paid, or if the taxpayer has violated the federal income tax or payroll tax laws.

HABENDUM CLAUSE
That part of the deed beginning with the words "to have and to hold," following the granting clause and reaffirming the extent of ownership that the grantor is transferring.

LICENSEE
A person who has a valid license. A real estate licensee can be a salesperson or a broker, active or inactive, an individual, a corporation, or a partnership.

TENANCY FOR YEARS
A less-than-freehold estate in which the property is leased for a definite, fixed period of time, be it for 60 days or any fraction of a year, a year, ten years, etc.

BALLOON PAYMENT
The final payment of a note or obligation, which is substantially larger than the previous installment payments, and which repays the debt in full; the remaining balance which is due at the maturity of a note or obligation.

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

PREPAYMENT
Full or partial repayment of the principal before the contractual due date.

RECORDING
The act of entering into the book of public records the written instruments affecting the title to real property, such as deeds, mortgages, contracts of sale, options, assignments, and the like. Proper recordation imparts constructive notice to all the world of the existence of the recorded document and its contents.

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