Hampton Roads Harley Davidson,

STATUTE OF LIMITATIONS
That law pertaining to the period of time within which certain actions must be brought to court.

PARTY WALL
A wall which is located on or at a boundary line between two adjoining parcels and is used or is intended to be used by the owners of both properties in the construction or maintenance of improvements on their respective lots.

DEPOSIT
Money offered by a prospective buyer as an indication of good faith in entering into a contract to purchase; earnest money; security for the buyer's performance of a contract.

SHORELINE
The dividing line between private land and public beach on beachfront property.

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

OVERRIDE
A commission paid to managerial personnel (e.g. principal broker) on sales made by their subordinates, usually calculated as a percentage of the gross sales commissions earned by the salesperson.

DEDICATION
The application of privately owned land to the public for no consideration, with the intent that the land will be accepted and used for public purposes.

ACCRUED INTEREST
Interest earned but not yet paid.

LOCK OR LOCK-IN
A lender's guarantee of an interest rate for a set period of time. The time period is usually that between loan application approval and loan closing. The lock-in protects you against rate increases during that time.

FIXTURE
An article which was once personal property but has been so affixed to the real estate that it has become real property (e.g. stoves, bookcases, plumbing, etc.). If determined to be a fixture, then the article passes with the property even though it is not mentioned in the deed.

GRANDFATHER CLAUSE
Common expression used to convey the idea that something which was once permissible continues to be permissible despite changes in the controlling law.

USURY
Interest charged in excess of the legal rate established by law.

ESCROW
A transaction in which a third party acts as the agent for seller and buyer, or for borrower and lender, in handling legal documents and disbursement of funds.

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.

FLOOD INSURANCE
Insurance that compensates for physical damage to a property by flood. Typically not covered under standard hazard insurance.

LOAN-TO-VALUE RATIO (LTV)
The percentage of the loan amount to the appraised value (or the sales price, whichever is less) of the property.

TAX LIEN
Claim against a property for unpaid taxes.

APPLICATION FEE
Fee charged by a lender to cover the initial costs of processing a loan application. The fee may include the cost of obtaining a property appraisal, a credit report, and a lock-in fee or other closing costs incurred during the process or the fee may be in addition to these charges.

BUFFER ZONE
A strip of land separating one parcel from another.

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

ACCRUED
That which has accumulated over a period of time such as accrued depreciation, accrued interest or accrued expenses.

NOTICE OF DEFAULT
Written notice to a borrower that a default has occurred and that legal action may be taken.

RESIDUAL PROCESS
An appraisal process used in the income approach to estimate the value of the land and/or the building, as indicated by the capitalization of the residual net income attributable to it.

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