Divorce Virginia Community Property,

MORTGAGE INSURANCE
Insurance to protect the lender in case you default on your loan. With conventional loans, mortgage insurance is generally not required if you make a down payment of at least 20% of the home's appraised value. (Note, however, that FHA and VA loans have different insurance guidelines.)

BUYER'S MARKET
Market conditions that favor buyers. With more sellers than buyers in the market, sellers may be forced to make substantial price concessions.

DEALER
An IRS designation for a person who regularly buys and sells real property.

CHATTEL
Personal property which is tangible and moveable.

GRANDFATHER CLAUSE
Common expression used to convey the idea that something which was once permissible continues to be permissible despite changes in the controlling law.

CALL OPTION
A provision of a note which allows the lender to require repayment of the loan in full before the end of the loan term. The option may be exercised due to breach of the terms of the loan or at the discretion of the lender.

GROSS INCOME
Total income before taxes or expenses are deducted.

RIGHT OF SURVIVORSHIP
The distinctive characteristic of a joint tenancy (also tenancy by entirety) by which the surviving joint tenant(s) succeeds to all right, title and interest of the deceased joint tenant without the need for probate proceedings.

LAND TRUST
An association organized by common owners of real property, which holds title to the real property in the name of one or more trustees for the benefit of the owners, whose beneficial interests may be represented by trust certificates.

PLOTTAGE
The merging or consolidating of adjacent lots into one larger lot, with the consequent result of improved usability and increased value; also called assemblage.

IMPROVED LAND
Real property whose value has been enhanced by the addition of on-site and off-site improvements such as roads, sewers, utilities, buildings, etc.; as distinguished from raw land.

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