Bon Secours Hampton Roads,

CHATTEL
Personal property which is tangible and moveable.

JOINT TENANCY
A form of ownership of property giving each person equal interest in the property, including rights of survivorship.

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.

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.

ACCESS
A general or specific right of ingress and egress to a particular property.

SETTLEMENT
The act of adjusting and prorating the various credits, charges and settlement costs to conclude a real estate transaction.

RENT CONTROL
Regulation by state or local governmental agencies restricting the amount of rent landlords can charge their tenants; such regulation is a valid exercise of the state's police power.

ORIGINATION FEE
Fee charged by a lender to cover administrative costs of processing a loan.

POSSESSION
The act of either actually or constructively possessing or occupying property.

LAW DAY
The date an obligation becomes due; sometimes refers to the closing date.

INTEREST
Charge paid for borrowing money, calculated as a percentage of the remaining balance of the amount borrowed.

FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA, OR FANNIE MAE)
This agency buys loans that are underwritten to its specific guidelines. These guidelines are an industry standard for residential conventional lending.

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

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