Hampton Roads Boat Dealer,

AMENITIES
Features, both tangible and intangible, which enhance and add to the desirability of real estate.

TURNKEY PROJECT
A development term meaning the complete construction package from ground breaking to the completion of the building. All that is left undone is to turn over the keys to the buyer.

INITIAL RATE
The rate charged during the first interval of an ARM loan.

FHLMC
See Federal Home Loan Mortgage Corporation.

ANNUAL PERCENTAGE RATE (APR)
The cost of credit expressed as a yearly rate. The annual percentage rate is often not the same as the interest rate. It is a percentage that results from an equation considering the amount financed, the finance charges, and the term of the loan.

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.

OPEN-END MORTGAGE
A mortgage in which the borrower is given a limit up to which he may borrow, with any incremental advances of money up to but not exceeding the original borrowing limit to be secured by the same mortgage.

MAINTENANCE
The care and work put into a building to keep it in operation and productive use; the general repair and upkeep of a building. If maintenance is deferred, the building will suffer a loss in value.

ANCHOR TENANT
Major department or chain stores which are strategically located at shopping centers so as to give maximum exposure to smaller satellite stores.

ACCRETION
The gradual and imperceptible addition to land by alluvial deposits of soil through natural causes, such as shoreline movement caused by streams or rivers.

BROKER
One who acts as an intermediary between parties to a transaction. A real estate broker is a properly licensed person who, for a valuable consideration, serves as an agent to others to facilitate the sale or lease of real property.

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