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Real Estate Solutions for Hampton Roads Net and beyond! Hampton Roads Net

ADHESION CONTRACT
A contract which is very one-sided and favors the party who drafted the document.

SPECIAL ASSESSMENT
A tax or levy customarily imposed against only those specific parcels of realty which will benefit from a proposed public improvement, as opposed to a general tax on the entire community.

LESS-THAN-FREEHOLD ESTATE
An estate held by one who rents or leases property. This classification includes an estate for years, periodic tenancy, estate at will, and estate at sufferance.

DISCRIMINATION
The act of making a distinction against or in favor of a person on the basis of the group or class to which the person belongs; the failure to treat people equally.

BLUE SKY LAWS
State securities laws designed to protect the public from fraudulent practices in the promotion and sale of securities, e.g., through limited partnerships, syndications, bonds.

DISCLAIMER
A statement denying legal responsibility, frequently found in the form of, "There are no promises, representations, oral understandings or agreements except as contained herein."

LIBOR (LONDON INTERBANK OFFERED RATE)
The interest rate charged among banks in the foreign market for short-term loans to one another. A common index for ARM loans.

CASH OUT
Any cash received when you get a new loan that is larger than the remaining balance of your current mortgage, based upon the equity you have already built up in the house.The cash out amount is calculated by subtracting the sum of the old loan and fees from the new mortgage loan.

EXTENDER CLAUSE
A "carry over" clause (referred to as a safety clause) contained in a listing which provides that a broker is still entitled to a commission for a set of period of time after the listing has expired if the property is sold to a former prospect of the broker.

BENCH MARK
A mark affixed to a permanent reference or monument, such as an iron post or a brass marker (usually embedded in a cement sidewalk), used to establish elevations and altitudes over a surveyed area.

QUALIFIED FEE
An estate in fee which is subject to certain limitations imposed by the owner.

CO-TENANCY
A form of concurrent property ownership in which two or more persons own an undivided interest in the same property.

COMMON AREAS
Land or improvements designated for the use and benefit of all residents, property owners and tenants.

KEY LOT
A lot that has added value because of its strategic location, especially where it is needed for the highest and best use of contiguous property.

QUANTITY SURVEY
A method of estimating construction cost or reproduction cost; a highly technical process used in arriving at the cost estimate of new construction and sometimes referred to in the building trade as the price take-off method.

INDUSTRIAL PARK
An area zoned industrial and containing sites for many separate industries and developed and managed as a unit, usually with provisions for common services for the users.

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.

DELINQUENCY
Failure to make payments as agreed in the loan agreement.

EXTENDER CLAUSE
A "carry over" clause (referred to as a safety clause) contained in a listing which provides that a broker is still entitled to a commission for a set of period of time after the listing has expired if the property is sold to a former prospect of the broker.

FILLED LAND
An area where the grade has been raised by depositing or dumping dirt, gravel or lava rock.

CAPS (INTEREST)
Consumer safeguards which limit the amount the interest rate on an adjustable rate mortgage can change in an adjustment interval and/or over the life of the loan. For example, if your per-period cap is 1% and your current rate is 7%, then your newly adjusted rate must fall between 6% and 8% regardless of actual changes in the index.

COUNTER-OFFER
A new offer made as a reply to an offer received from another; this has the effect of rejecting the original offer, which cannot thereafter be accepted unless revived by the offeror's repeating it.

BROKER
An individual who brings buyers and sellers together and assists in negotiating contracts for a client.

LESS-THAN-FREEHOLD ESTATE
An estate held by one who rents or leases property. This classification includes an estate for years, periodic tenancy, estate at will, and estate at sufferance.

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

LIQUIDATED DAMAGES
An amount predetermined by the parties to an agreement as the total amount of compensation an injured party should receive in the event the other party breaches a specified part of the contract.

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