The Divorce Process Virginia,

AGENT
One who is authorized to represent and to act on behalf of another person (called the principal). A real estate broker is the agent of his client, be it the seller or buyer, to whom he owes a fiduciary obligation. A salesman is the agent of his broker and does not have a direct personal contractual relationship with either the seller or buyer.

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.

BORROWER (MORTGAGOR)
An individual who applies for and receives funds in the form of a loan and is obligated to repay the loan in full under the terms of the loan.

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

FIRST MORTGAGE
A mortgage which is in first lien position, taking priority over all other liens. In the case of a foreclosure, the first mortgage will be repaid before any other mortgages.

PERSONAL PROPERTY
Things which are tangible and moveable; property which is not classified as real property; chattels; personalty.

USURY
Interest charged in excess of the legal rate established by law.

TRIPLE NET LEASE
A net, net, net lease, where in addition to the stipulated rent, the lessee assumes payment of all expenses associated with the operation of the property.

TIME IS OF THE ESSENCE
The clause in a contract which emphasizes that punctual performance is an essential requirement of the contract.

MORTGAGE
A legal document by which real property is pledged as security for the repayment of a loan.

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

CONVERSION CLAUSE
A provision in some ARMs that allows you to change an ARM to a fixed-rate loan, usually after the first adjustment period. The new fixed rate will be set at current rates, and there may be a charge for the conversion feature.

PUFFING
Exaggerated or superlative comments or opinions not made as representations of fact and thus not a grounds for misrepresentation. A statement such as "the apartment has a fantastic view," is puffing because the prospective buyer can clearly assess the view in each case.

FREE AND CLEAR TITLE
Title to real property which is absolute and unencumbered by any liens, mortgages, clouds or other encumbrances.

DEFAULT
Failure to fulfill a duty or promise or failure to perform any obligation or required act. The most common occurrence of default on the part of a buyer or lessee is non-payment of money.

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.

DISCLAIMER
A statement denying legal responsibility, frequently found in the form of, "There are no promises, representations, oral understandings or agreements except as contained herein."

ESCROW
The process by which money and/or documents are held by a disinterested third person (a "stakeholder") until the satisfaction of the terms and conditions of the escrow instructions (as prepared by the parties to the escrow).

DECLARATION OF RESTRICTIONS
A statement of all the covenants, conditions and restrictions ("CC&R's") which affect a parcel of land.

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