West Virginia Divorce Law,

DEPTH TABLE
Tables of percentage designed to provide a uniform system of measuring the additional value to lots which accrues because of added depth, with the extra depth valued according to the added utility which it creates.

INCOME APPROACH
An approach to the valuation or appraisal of real property as determined by the amount of net income the property will produce over its remaining economic life.

WARRANTY
A guaranty by the seller, covering the title as well as the physical condition of the property.

BENEFICIARY
A person who receives the benefits from the gifts or acts of another, such as one who is designated to receive the proceeds from a will, insurance policy or trust.

LANDMARK
A stake, stream, cliff, monument or other object or feature which is used to fix or define land boundaries; also a prominent feature of a landscape or property that is the symbol for the place.

FIRM COMMITMENT
A definite undertaking by a lender to loan a set amount of money at a specified interest rate for a certain term.

JOINT TENANCY
A form of property ownership by two or more persons in which the joint tenants have one and the same interest, arising by one and the same conveyance, commencing atone and the same time and held by one and the same possession(the concept of "four unities").

VOID
Having no legal force or binding effect; a nullity; not enforceable. A contract for an illegal purpose (i.e. gambling)is void.

LEGAL DESCRIPTION
A description which is complete enough that an independent surveyor could locate and identify a specific piece of real property.

LEASE
A lease is both a contract between lessor (landlord)and lessee (tenant) and a conveyance or demise of the premises by the lessor to the lessee. A lease is a contract in that item bodies the agreement between the parties.

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.

TOWNSHIP
A piece of property, used in the government survey system of land description, which is 6 miles square, and contains36 sections, each 1 mile square; and consists of 23,040 acres.

POINT OF BEGINNING
The starting point in a metes and bounds description of property, which is usually a street intersection or a specific monument.

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.

MONEY
The cash deposit (including initial and additional deposits) paid by the prospective buyer of real property as evidence of his good faith intention to complete the transaction; called hand money or a binder in some states.

FEASIBILITY STUDY
An analysis of a proposed project with emphasis on the attainable income, probable expenses, and most advantageous use and design.

ACKNOWLEDGEMENT
A formal declaration made before a duly authorized officer, usually a Notary Public, by a person who has signed a document.

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.

VARIABLE RATE
Interest rate that changes periodically in relation to an index.

PRINCIPAL
The amount of debt, not counting interest, left on a loan.

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