Hampton Roads Real Estate,

AD VALOREM
Latin for "according to valuation," usually referring to a type of tax or assessment.

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

SPECIAL WARRANTY DEED
A deed in which the grantor warrants or guarantees the title only against defects arising during the period of his tenure and ownership of the property and not against defects existing before the time of his ownership.

ACCRUED INTEREST
Interest earned but not yet paid.

INCOME PROPERTY
Property purchased primarily for the income to be derived plus certain tax benefits, such as accelerated depreciation. Income property can be commercial, industrial or residential.

PARTICIPATION MORTGAGE
A mortgage in which the lender participates in the income of the mortgaged venture beyond a fixed return, or receives a yield on the loan in addition to the straight interest rate.

APPRAISAL FEE
A fee charged by a licensed, certified appraiser to render an opinion of market value as of a specific date.

COMMON ELEMENTS
Parts of the property which are necessary or convenient to the existence, maintenance and safety of the condominium, or are normally in common use by all of the condominium residents.

LEVEL PAYMENT MORTGAGE
A mortgage which is scheduled to be repaid in equal periodic payments which include both principal and interest.

APPLICATION
An initial statement of personal and financial information required to apply for a loan.

MALL
A landscaped public area set aside for pedestrian traffic.

LOAN APPLICATION
An initial statement of personal and financial information required to apply for a loan.

SIMPLE INTEREST
Interest computed on the principal balance only.

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").

OPEN-END MORTGAGE
A mortgage in which the borrower is given a limit up to which he may borrow, with any incremental advances of money up to but not exceeding the original borrowing limit to be secured by the same mortgage.

LAND DESCRIPTION
A description of a particular piece of real property.

LATE CHARGE
Penalty paid by a borrower when a payment is made after the due date.

RELEASE
The discharge or relinquishment of a right, claim or privilege. Releases involving real property transactions should be acknowledged and recorded.

OPERATING EXPENSES
Those periodic and necessary expenses which are essential to the continuous operation and maintenance of a property.

LOAN ORIGINATION FEE
Fee charged by a lender to cover administrative costs of processing a loan.

NEGOTIATION
The transaction of business aimed at reaching a meeting of minds among the parties; bargaining.

OPINION OF TITLE
An opinion by a person competent in examining titles, usually a title attorney, as to the status of the title of a property.

INJUNCTION
A legal action which forbids a party defendant from doing some act; it requires a person to whom it is directed to refrain from doing a particular thing.

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.

VOID
Having no legal force or binding effect; a nullity; not enforceable. A contract for an illegal purpose (i.e. gambling)is void.

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.

MAINTENANCE
The care and work put into a building to keep it in operation and productive use; the general repair and upkeep of a building. If maintenance is deferred, the building will suffer a loss in value.

CODE OF ETHICS
A written system of standards of ethical conduct. The Code of Ethics of the National Association of Realtors, first written in 1913, establishes the high standards of conduct for members of the Realtor community.

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