Divorce State Of Virginia,

GROSS INCOME MULTIPLIER
A useful rule of thumb to estimate market value of income producing residential property. The multiplier is derived by using comparable sales divided by the actual or estimated monthly rentals and arriving at an acceptable average.

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.

WEAR AND TEAR
The gradual physical deterioration of property, resulting from use, passage of time and weather. Only property subject to wear and tear is depreciable.

FEDERAL HOUSING ADMINISTRATION (FHA)
A federal agency within the Department of Housing and Urban Development (HUD), which insures residential mortgage loans made by private lenders and sets standards for underwriting mortgage loans.

TAX SALE
Public sale of property by a government authority as a result of non-payment of taxes.

ALLODIAL SYSTEM
The free ownership of land by individuals.

NOMINAL CONSIDERATION
A consideration bearing no relation to the real value of the contract. A deed often recites a nominal consideration, such as "ten dollars and other valuable consideration."

LIQUIDITY
The ability to sell an asset and convert it into cash at a price close to its true value.

FIXTURE
An article which was once personal property but has been so affixed to the real estate that it has become real property (e.g. stoves, bookcases, plumbing, etc.). If determined to be a fixture, then the article passes with the property even though it is not mentioned in the deed.

CUSTOMER TRUST FUND (CTF)
An impound account maintained for the purpose of setting up a reserve to pay certain periodic obligations such as real property taxes, insurance premiums, lease rent, and maintenance fees.

DELINQUENCY
Failure to make payments as agreed in the loan agreement.

PRESENT VALUE OF ONE DOLLAR
A doctrine which is based on the fact that money has a time value. The present worth of a payment to be received at some time in the future is the amount of the payment less the loss of interest.

FINDER'S FEE
A fee paid to someone for producing a buyer to purchase or a seller to list property; also called a referral fee.

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