Virginia Divorce Record,

SEVERALTY
Sole ownership of real property.

HOLD HARMLESS CLAUSE
A clause inserted in a contract whereby one party agrees to indemnify and protect the other party from any injuries or lawsuits arising out of the particular transaction.

OVERRIDE
A commission paid to managerial personnel (e.g. principal broker) on sales made by their subordinates, usually calculated as a percentage of the gross sales commissions earned by the salesperson.

CERTIFICATE OF TITLE
Written opinion of the status of title to a property, given by an attorney or title company. This certificate does not offer the protection given by title insurance.

MONUMENTS
Visible markers, both natural and artificial objects, which are used to establish the lines and boundaries of a survey.

ABSORPTION RATE
An estimate of the rate at which a particular classification of space - such as new office space, new housing, new condominium units and the like - will be sold or occupied each year.

FLOOR AREA RATIO
The ratio of floor area to land area expressed as a percent or decimal, which is determined by dividing the total floor area on a zoning lot by the lot area.

RECORDING
The act of entering into the book of public records the written instruments affecting the title to real property, such as deeds, mortgages, contracts of sale, options, assignments, and the like. Proper recordation imparts constructive notice to all the world of the existence of the recorded document and its contents.

PLANNED UNIT DEVELOPMENT (PUD)
A modern concept in housing designed to produce a high density of dwellings and maximum utilization of open spaces.

CASH OUT
Any cash received when you get a new loan that is larger than the remaining balance of your current mortgage, based upon the equity you have already built up in the house.The cash out amount is calculated by subtracting the sum of the old loan and fees from the new mortgage loan.

MEANDER LINE
An artificial line used by the surveyors to measure the natural, uneven, winding property line formed by rivers, streams and other watercourses bordering a property.

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

JUMBO LOAN
A mortgage larger than the $240,000 limit set by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation.

BLANKET MORTGAGE
A mortgage that covers more than one parcel of real estate.

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.)

PERMANENT FINANCING
A long-term loan, as opposed to an interim loan.

TENANCY AT SUFFERANCE
A tenancy which exists when a tenant wrongfully holds over after the expiration of a lease, without the landlord's consent, as where the tenant fails to surrender possession after termination of the lease.

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