Hampton Roads Entertainment,

FHLMC
See Federal Home Loan Mortgage Corporation.

SIMPLE INTEREST
Interest computed on the principal balance only.

VERIFICATION OF DEPOSIT (VOD)
Document signed by the borrower's bank or other financial institution verifying the borrower's account balance and history.

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.

CONTRACT OF SALE
The agreement between the buyer and seller on the purchase price, terms, and conditions of a sale.

GENERAL CONTRACTOR
A construction specialist who enters into a formal construction contract with a land owner or master lessee to construct a real estate building or project.

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

FHLMC
See Federal Home Loan Mortgage Corporation.

PORTE COCHERE
A roofed structure extending from the entrance of a building over an adjacent driveway to shelter those getting into or out of vehicles.

SETTLEMENT COSTS
Also known as closing costs, these costs are for services that must be performed before your loan can be initiated. Examples include title fees, recording fees, appraisal fee, credit report fee, pest inspection, attorney's fees, taxes, and surveying fees.

MORTGAGE
A legal document by which real property is pledged as security for the repayment of a loan.

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.

KEY LOT
A lot that has added value because of its strategic location, especially where it is needed for the highest and best use of contiguous property.

EXCLUSIVE AGENCY
A written listing agreement giving one agent the right to sell property for a specified time, but reserving to the owner the right to sell the property himself without payment of any commission.

EMINENT DOMAIN
The right of government, both state and federal, to take private property for a necessary public use, with just compensation paid to the owner.

EXTENSION
An agreement to continue the period of performance beyond the specified period.

HOTEL
A building or group of attached or detached buildings containing dwelling or lodging units in which 50 percent or more of the units are lodging units, usually distinguished by a front desk, dining and other common facilities.

DUE-ON-SALE CLAUSE
Provision in a mortgage or deed of trust allowing the lender to demand immediate payment of the loan balance upon sale of the property.

PREPAID INTEREST
The paying of interest before it is due.

FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC)
Independent deposit insurance agency created by Congress to maintain stability and public confidence in the nation's banking system.

CEILING
The maximum allowable interest rate of an adjustable rate mortgage.

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