Hampton Roads Home For Sale,

PARCEL
A specific portion of a larger tract; a lot.

IMPROVED LAND
Real property whose value has been enhanced by the addition of on-site and off-site improvements such as roads, sewers, utilities, buildings, etc.; as distinguished from raw land.

MORTGAGEE
The lender in a mortgage loan transaction.

FAIR MARKET VALUE
The highest monetary price which a property would bring, if offered for sale for a reasonable period of time in a competitive market, to a seller who is willing but not compelled to sell, from a buyer, willing but not compelled to buy, both parties being fully informed of all the purposes to which the property is best adapted and is capable of being used.

CONTRACT
A legal agreement between competent parties who agree to perform or refrain from performing certain acts for a consideration. In real estate, there are many different types of contracts, including listings, contracts of sale, options, mortgages, assignments, leases, deeds, escrow agreements, and loan commitments, among others.

BUNDLE OF RIGHTS
An ownership concept describing all those legal rights which attach to the ownership of real property, including the right to sell, lease, encumber, use, enjoy, exclude, will, etc.

MORTGAGE NOTE
Legal document obligating a borrower to repay a loan at a stated interest rate during a specified period of time. The agreement is secured by a mortgage or deed of trust or other security instrument.

MARGIN
A specified percentage that is added to your chosen financial index to determine your new interest rate at the time of adjustment for ARM loans.

SPECIFIC PERFORMANCE
A legal action brought in a court of equity to compel a party to carry out the terms of a contract.

METES AND BOUNDS
A common method of land description that identifies a property by specifying the shape and boundary dimensions of the parcel, using terminal points and angles.

POSSESSION
The act of either actually or constructively possessing or occupying property.

LENDER
The bank, mortgage company, or mortgage broker offering the loan.

SCHEMATICS
Preliminary architectural drawings and sketches; basic layouts not containing the final details of design.

DURESS
Unlawful constraint or action exercised upon a person whereby he is forced to perform some act against his will. A contract entered into under duress is void.

STANDING LOAN
A commitment by the interim or construction lender to keep the money already funded in the project for a specified period of time after the expiration of the interim loan, usually until permanent take-out financing is secured.

BUILDING RESIDUAL TECHNIQUE
A method of determining the value of an improvement normally used in appraising income property.

BUYER'S MARKET
Market conditions that favor buyers. With more sellers than buyers in the market, sellers may be forced to make substantial price concessions.

ESCROW AGENT
A person with fiduciary responsibility to the buyer and seller, or the borrower and lender, to ensure that the terms of the purchase/sale or loan are carried out.

CLOSING
The final stage of consummating a real estate transaction when the seller delivers title to the buyer, in exchange for the purchase price.

POINTS
A generic term for a percentage of the principal loan amount which the lender charges for making the loan; each point is equal to one percent of the loan amount.

RECORDING
The act of entering into the book of public records the written instruments affecting the title to real property, such as deeds, mortgages, contracts of sale, options, assignments, and the like. Proper recordation imparts constructive notice to all the world of the existence of the recorded document and its contents.

Realtor in Hampton Roads, Hampton Roads Real Estate Agent www.shaunotoole.com Helping you with all your real estate needs in Hampton Roads	Chesapeake Virginia Real Estate Agent, Realtor In Chesapeake www.chesapeakeva-re.com Chesapeake Virginia Homes	Norfolk Virginia Real Estate Agent, Realtor In Norfolk www.norfolkva-re.com Norfolk Virginia Homes	Virginia Beach Real Estate Agent, Realtor In Va Beach www.virginiabeachva-re.com Virginia Beach Virginia Homes	Ads