Hampton Roads Home,

JOINT LIABILITY
Liability shared among two or more people, each of whom is liable for the full debt.

BORROWER (MORTGAGOR)
An individual who applies for and receives funds in the form of a loan and is obligated to repay the loan in full under the terms of the loan.

EQUITY
That interest or value remaining in property after payment of all liens or other charges on the property. A owner's equity is normally the monetary interest over and above the mortgage indebtedness.

PERSONAL PROPERTY
Things which are tangible and moveable; property which is not classified as real property; chattels; personalty.

NET INCOME
The sum arrived at after deducting from gross income the expenses of a business or investment, including taxes and insurance, and allowances for vacancy and bad debts; what the property will earn in a given year's operation.

AMORTIZATION
Repayment of a loan with periodic payments of both principal and interest calculated to payoff the loan at the end of a fixed period of time.

FINDER'S FEE
A fee paid to someone for producing a buyer to purchase or a seller to list property; also called a referral fee.

APR
See Annual Percentage Rate.

CONTINGENCY
A condition which must be satisfied before a contract is legally binding.

LAND, TENEMENTS AND HEREDITAMENTS
A feudal phrase used to describe all types of immovable realty including the land, buildings and all appurtenant rights thereto.

PERCENTAGE LEASE
A lease whose rental is based on a percentage of the monthly or annual gross sales made on the premises.

PACKAGE MORTGAGE
A method of financing in which the loan that finances the purchase of a home also finances the purchase of personal items such as a washer and dryer, refrigerator, stove and other specified appliances.

MARGINAL LAND
Land which is of little value because of some deficiency, such as poor access, lack of adequate rainfall, or steep terrain.

CONVENTIONAL LOAN
Loans that are not made under any government housing program; they are not subject to the restrictions of government housing programs, such as loan size limits.

DEFAULT
Failure to meet legal obligations in a contract, including failure to make payments on a loan.

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