Virginia Divorce Procedure,

PARTICIPATION MORTGAGE
A mortgage in which the lender participates in the income of the mortgaged venture beyond a fixed return, or receives a yield on the loan in addition to the straight interest rate.

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

MORTGAGE BROKER
An individual or company that arranges financing for borrowers.

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.

TITLE INSURANCE
A comprehensive contract of indemnity under which the title company agrees to reimburse the insured for any loss if title is not as represented in the policy.

RESIDUAL PROCESS
An appraisal process used in the income approach to estimate the value of the land and/or the building, as indicated by the capitalization of the residual net income attributable to it.

PARTITION
The dividing of common interests in real property owned jointly by two or more persons.

HUD
A federal cabinet department officially known as the Department of Housing and Urban Development.

PENTHOUSE
An apartment located on the roof of a building, or more commonly, an apartment on the top floor of a building.

PREPAYMENT PRIVILEGE
The right of the debtor to pay off part or all of the debt without penalty prior to maturity, such as in a mortgage or agreement of sale.

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.

DOUBLE ESCROW
An escrow set up to handle the concurrent sale of one property and purchase of another property by same party.

WAIVER
To voluntarily give up or surrender a right.

CLOUD ON TITLE
Any document, claim, unreleased lien or encumbrance which many impair or injure the title to property or make the title doubtful because of its apparent or possible validity.

BLUE SKY LAWS
State securities laws designed to protect the public from fraudulent practices in the promotion and sale of securities, e.g., through limited partnerships, syndications, bonds.

LANDLOCKED
Real property having no access to a public road or way.

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

REALTY
Land and everything permanently affixed thereto.

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