Virginia Divorce Law,

VENDEE
The purchaser of realty; the buyer. The buyer under an agreement of sale.

BEARER
The legal owner of a piece of property.

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.

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).

QUIET TITLE ACTION
A circuit court action intended to establish or settle the title to a particular property, especially where there is a cloud on the title.

IMPOUND ACCOUNT
A trust account established to set aside funds for future needs.

LOCUS SIGILLI
Latin for "under seal", used in the abbreviated form, "L.S.," at the end of signature line in some formal legal documents; used instead of the actual seal.

ACCEPTANCE
The expression of the intention of the person receiving an offer (offeree, usually the seller) to be bound by the terms of the offer.

NOTICE TO QUIT
A written notice given by a landlord to his tenant, stating that the landlord intends to regain possession of the leased premises and that the tenant is required to quit and remove himself from the premises either at the end of the lease term or immediately if there is a breach of lease or if the tenancy is at will or by sufferance; sometimes refers to the notice given by the tenant to the landlord that he intends to give up possession on a stated day.

BUILDING RESIDUAL TECHNIQUE
A method of determining the value of an improvement normally used in appraising income property.

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.

HYPOTHECATE
To pledge specific real or personal property as security for an obligation, without surrendering possession of it.

PURCHASE MONEY MORTGAGE
A mortgage given to the seller as part of the buyer's consideration for the purchase of real property, and delivered at the same time that the real property is transferred as a simultaneous part of the transaction.

COMMON AREAS
Land or improvements designated for the use and benefit of all residents, property owners and tenants.

PROCURING CAUSE
That effort which brings about the desired result, as in producing the buyer for the listed property.

INDEPENDENT CONTRACTOR
One who is retained to perform a certain act, but who is subject to the control and direction of another only as to the end result and not as how he performs the act. The critical feature, and what distinguishes an independent contractor and an employee or agent, is the right to control.

CONFORMING LOAN
A mortgage loan which meets all requirements to be eligible for purchase by federal agencies such as FNMA and FHLMC. The maximum conforming loan amount is $240,000 for a one-unit property.

BASE LINE AND MERIDIAN
An imaginary set of lines used by surveyors to locate and describe land under the Rectangular Survey Method of property description used in most mainland states.

TERM
The period of time between the beginning loan date on the legal documents and the date the entire balance of the loan is due.

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

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.

ESCROW
A transaction in which a third party acts as the agent for seller and buyer, or for borrower and lender, in handling legal documents and disbursement of funds.

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.

POCKET LISTING
A listing which is retained by the listing broker or salesperson, who does not make it available to other brokers in the office or to other Multiple Listing Service members.

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