Divorce Record West Virginia,

NOTICE
(1) Legal notice is notice which is required to be made by law, or notice which is imparted by operation of law as a result of the possession of property or the recording of documents. (2) Notice which is required by contract, for example, when the parties agree to terminate a contract by the written notice of either party 30 days prior to termination.

FISCAL YEAR
A business year used for tax, corporate or accounting purposes, as opposed to a calendar year.

CO-TENANCY
A form of concurrent property ownership in which two or more persons own an undivided interest in the same property.

ASSESSED VALUATION
The value of real property as established by the state government for purposes of computing real property taxes.

CONVEYANCE
The transfer of title to real property by means of a written instrument such as a deed or an assignment of lease.

SCHEMATICS
Preliminary architectural drawings and sketches; basic layouts not containing the final details of design.

SALES AGREEMENT
Contract signed by buyer and seller stating the terms and conditions under which a property will be sold.

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.

COMMISSION
Money paid to a real estate agent or broker for negotiating a real estate or loan transaction.

HOTEL
A building or group of attached or detached buildings containing dwelling or lodging units in which 50 percent or more of the units are lodging units, usually distinguished by a front desk, dining and other common facilities.

FEE SIMPLE
Absolute ownership of real property.

NOVATION
The substitution of a new obligation for an old one; substitution of new parties to an existing obligation, as where the parties to an agreement accept a new debtor in place of an old one.

GARNISHMENT
A legal process designed to provide a means for creditors to safeguard for themselves the personal property of a debtor which is in the hands of a third party ("garnishee").

PRE-SALE
A pre-construction sale program by a condominium developer who is required to sell a certain percentage of units before a lender will commit to finance construction of the project.

MORTGAGEE
The one who receives and holds a mortgage as security for a debt; the lender; a lender or creditor who holds a mortgage as security for payment of an obligation.

CONTINGENCY
A condition which must be satisfied before a contract is legally binding.

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.

LISTING
A written employment agreement between a property owner and a broker authorizing the broker to find a buyer or a tenant for a certain real property.

LOAN APPLICATION
An initial statement of personal and financial information required to apply for a loan.

FEE SIMPLE
Absolute ownership of real property.

MONEY
The cash deposit (including initial and additional deposits) paid by the prospective buyer of real property as evidence of his good faith intention to complete the transaction; called hand money or a binder in some states.

REVERSION
A future estate in real property created by operation of law when a grantor conveys a lesser estate than he has. The residue left in the grantor is called a reversion which commences in possession in the future upon the end of a particular estate granted or devised, whether it be freehold or less-than-freehold.

TENANCY AT SUFFERANCE
A tenancy which exists when a tenant wrongfully holds over after the expiration of a lease, without the landlord's consent, as where the tenant fails to surrender possession after termination of the lease.

VARIABLE RATE
Interest rate that changes periodically in relation to an index.

LIS PENDENS
A legal document recorded in the Bureau of Conveyances, which gives constructive notice that an action has been filed in either a state or federal court affecting a particular piece of property. "Lis Pendens" is a Latin term which means "action pending" and is in the nature of a quasi-lien.

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.

SWEAT EQUITY
Value added to a property in the form of labor or services of the owner rather than cash.

APPRAISAL FEE
A fee charged by a licensed, certified appraiser to render an opinion of market value as of a specific date.

TAX LIEN
Claim against a property for unpaid taxes.

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