Hampton Roads Housing,

CLEAR TITLE
Title to property that is free from liens, defects or other encumbrances, except those which the buyer has agreed to accept, such as mortgage to be assumed, the ground lease of record, and the like; established title; title without clouds.

STATUTE OF FRAUDS
That law which requires certain contracts to be in writing and signed by the party to be charged therewith in order to be legally enforceable.

SETTLEMENT COST (HUD GUIDE)
HUD - published booklet that provides an overview of the lending process, and that is given to consumers after completing loan application.

OPEN LISTING
A listing given to any number of brokers. The first broker who secures a buyer ready, willing and able to purchase at the terms of the listing is the one who earns the commission.

GIFT TAX
A graduated federal tax paid by a donor upon making a gift.

COURTESY TO BROKERS
The practice of sharing commissions with cooperating brokers.

REVERSION
A future estate in real property created by operation of law when a grantor conveys a lesser estate than he has. The residue left in the grantor is called a reversion which commences in possession in the future upon the end of a particular estate granted or devised, whether it be freehold or less-than-freehold.

HOMESTEAD
A home which is used as a personal residence.

PIGGYBACK LOAN
A joint loan with two lenders sharing a single mortgage.

AGENT
One who is authorized to represent and to act on behalf of another person (called the principal). A real estate broker is the agent of his client, be it the seller or buyer, to whom he owes a fiduciary obligation. A salesman is the agent of his broker and does not have a direct personal contractual relationship with either the seller or buyer.

SECURITY DEPOSIT
Money deposited by or for the tenant with the landlord, to be held by the landlord for the following purposes: to remedy tenant defaults for damage to the premises (be it accidental or intentional), for failure to pay rent due, or for failure to return all keys at the end of the tenancy.

MONEY
The cash deposit (including initial and additional deposits) paid by the prospective buyer of real property as evidence of his good faith intention to complete the transaction; called hand money or a binder in some states.

ANCHOR TENANT
Major department or chain stores which are strategically located at shopping centers so as to give maximum exposure to smaller satellite stores.

FEDERAL HOUSING ADMINISTRATION (FHA)
The FHA was set up in1934 under the National Housing Act to encourage improvement in housing standards and conditions, to provide an adequate home financing system by insurance of housing mortgages and credit, and to exert a stabilizing influence on the mortgage market.

OPEN HOUSE
The common real estate practice of showing a listed home to the public during established hours, frequently on Sunday afternoons.

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