Hampton Roads Golf,

QUIET ENJOYMENT
The right of a new owner or a lessee legally in possession to uninterrupted use of the property without interference from the former owner, lessor or any third party claiming superior title.

GENERAL PARTNER
A co-owner of a partnership who is empowered to enter into contracts on behalf of the partnership and who is fully liable for all partnership debts.

MORTGAGE
A legal document used to secure the performance of an obligation. In effect, the mortgage states that the lender can look to the property in the event the borrower defaults in payment of the note.

COOPERATING BROKER
A broker who joins with another broker in the sale of real property.

FDIC
See Federal Deposit Insurance Corporation.

BUSINESS DAYS
Days of the week excluding Saturdays, Sundays, and holidays; normal working days.

MILITARY CLAUSE
A clause inserted in some residential leases to allow the military tenant to terminate the lease in case of transfer, discharge or other circumstances making termination appropriate.

REFORMATION
A legal action to correct or modify a contract or deed which has not accurately reflected the intentions of the parties due to some mechanical error, such as a typo graphical error in the legal description.

TAKE-OUT FINANCING
Long-term permanent financing.

BILATERAL CONTRACT
A contract in which each party promises to perform an act in exchange for the other party's promise to perform.

INVERSE CONDEMNATION
An action for "just compensation "brought by one whose property has been effectively "taken" or substantially interfered with or taken without just compensation

PRIVATE MORTGAGE INSURANCE
A special form of insurance designed to permit lenders to increase their loan-to-market-value ratio, often up to 95 percent of the market value of the property.

ATTORNMENT
The act of a tenant formally agreeing to become the tenant of a successor landlord; as in attorning to a mortgagee who has foreclosed on the leased premises.

BLANKET MORTGAGE
A mortgage which is secured by several structures or a number of lots. A blanket mortgage is often used to finance proposed subdivisions or development projects, especially cooperatives.

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.

RIGHT OF SURVIVORSHIP
The distinctive characteristic of a joint tenancy (also tenancy by entirety) by which the surviving joint tenant(s) succeeds to all right, title and interest of the deceased joint tenant without the need for probate proceedings.

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