Menu

Real Estate Home
Site Map
Hampton Roads Radio
Hampton Roads Radio Station
Hampton Roads Real Estate
Hampton Roads Realtor
Hampton Roads Realtor Association
Hampton Roads Realty
Hampton Roads Regional Jail

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

EASEMENT
A property interest which one person has in land owned by another entitling the holder of the interest to limited use or enjoyment of the other's land.

DEED OF TRUST
A legal document in which title to property is transferred to a third party trustee as security for an obligation owed by the trustor (borrower) to the beneficiary(lender).

EXTENSION
An agreement to continue the period of performance beyond the specified period.

OVERIMPROVEMENT
An improvement which by reason of excess size or cost is not the highest and best use for the site on which it is placed.

RELEASE CLAUSE
A provision found in many blanket mortgages enabling the mortgagor to obtain partial releases of specific parcels from the mortgage upon the payment of, typically, a larger-than-pro-rata portion of the loan.

GOOD FAITH ESTIMATE
Written estimate of the settlement costs the borrower will likely have to pay at closing. Under the Real Estate Settlement Procedures Act (RESPA), the lender is required to provide this disclosure to the borrower within three days of receiving a loan application.

CONDOMINIUM
A form of property ownership in which the homeowner holds title to an individual dwelling unit and a proportionate interest in common areas and facilities of a multi-unit project.

PROPERTY MANAGEMENT
That aspect of real estate devoted to the leasing, managing, marketing and overall maintenance of the property of others.

PROPRIETARY LEASE
A written lease in a cooperative apartment building, between the owner-corporation and the tenant-stockholder, in which the tenant is given the right to occupy a particular unit.

OFFICE EXCLUSIVE
A listing in which the seller refuses to submit the listing to Multiple Listing Service, even after being informed of the advantages of MLS, and signs a certification to that effect.

RESCISSION
The legal remedy of canceling, terminating or annulling a contract and restoring the parties to their original positions; a return to the status quo.

GARNISHMENT
A legal process designed to provide a means for creditors to safeguard for themselves the personal property of a debtor which is in the hands of a third party ("garnishee").

GROSS AREA
The total floor area of a building measured from the exterior of the walls (excluding those unenclosed).

OFFER
A promise by one party to act or perform in a specified manner provided the other party will act or perform in the manner requested.

COMMITMENT
A promise to lend and a statement by the lender of the terms and conditions under which a loan is made.

POWER OF ATTORNEY
Legal document authorizing one person to act on behalf of another.

CONCESSIONS
Discounts given by landlords to prospective tenants to induce them to sign a lease.

PROSPECTUS
A printed statement distributed to describe, advertise and give advance information on a business, venture, project or stock issue.

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.

SURVIVORSHIP
The right of survivorship is that special feature of a joint tenancy whereby all title, right and interest of a decedent joint tenant in certain property passes to the surviving joint tenants by operation of law, free from claims of heirs and creditors of the decedent.

QUIET ENJOYMENT
The right of a new owner or a lessee legally in possession to uninterrupted use of the property without interference from the former owner, lessor or any third party claiming superior title.

ETHICS
A system of moral principles, rules and standards of conduct.

INTEREST RATE
The annual rate of interest on the loan, expressed as a percentage of 100.

BALLOON PAYMENT
The final payment of a note or obligation, which is substantially larger than the previous installment payments, and which repays the debt in full; the remaining balance which is due at the maturity of a note or obligation.

RIGHT-OF-WAY
The right or privilege, acquired through accepted usage or by contract, to pass over a designated portion of the property of another.

IMPOUND ACCOUNT
An account held by the lender to which the borrower pays monthly installments, collected as part of the monthly mortgage payment, for annual expenses such as taxes and insurance. The lender disburses impound account funds on behalf of the borrower when they become due. (Also known as Escrow Account.)

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

CHAIN OF TITLE
The recorded history of matters which affect the title to a specific parcel of real property, such as ownership, encumbrances and liens, usually beginning with the original recorded source of the title.

FIXED RATE
An interest rate which is fixed for the term of the loan.

WASTE
An improper use or abuse of property by one in possession of land, who holds less than the fee ownership, such as a tenant, life tenant, mortgagor, or vendee.

Copyright © 2004-2005   |    www.WeWillBuyYourHouseFast.com   |  Privacy Policy