Home For Sale In Hampton Roads,

ACCRUED INTEREST
Interest earned but not yet paid.

COMMON LAW
That body of law which is based on usage, general acceptance, and custom, as manifested in decrees and judgments of the courts; judge-made law, as opposed to codified or statutory law.

MONUMENTS
Visible markers, both natural and artificial objects, which are used to establish the lines and boundaries of a survey.

LEGAL RATE OF INTEREST
The maximum interest rate permitted bylaw, with anything above that rate being usury.

GROSS INCOME
Total income before taxes or expenses are deducted.

LANDLOCKED
Real property having no access to a public road or way.

GUARDIAN
One who is given the lawful custody and care of another(called a ward).

KICKERS
Different types of equity participation a lender may seek as a condition for lending money, such as participation in rentals, profits, or extra interest.

EQUITY
That interest or value remaining in property after payment of all liens or other charges on the property. A owner's equity is normally the monetary interest over and above the mortgage indebtedness.

ASSIGNMENT
The transfer of the right, title and interest in the property of one person, the assignor, to another, the assignee. In real estate, there are assignments of mortgages, contracts, agreements of sale, leases, and options, among others.

ACCRETION
The gradual and imperceptible addition to land by alluvial deposits of soil through natural causes, such as shoreline movement caused by streams or rivers.

LEASE
A lease is both a contract between lessor (landlord)and lessee (tenant) and a conveyance or demise of the premises by the lessor to the lessee. A lease is a contract in that item bodies the agreement between the parties.

ATTACHMENT
The legal process of seizing the real or personal property of a defendant in a lawsuit, by levy or judicial order, and holding it in the custody of the courts as security for satisfaction of the judgment which the plaintiff may recover in any action upon a contract, express or implied.

NATIONAL ASSOCIATION OF REALTORS
Formerly known as the National Association of Real Estate Boards (NAREB), it is the largest and most prestigious real estate organization in the world.

ACCELERATION CLAUSE
A clause in a promissory note, agreement of sale, or mortgage which gives the lender the right to call all sums due and payable in advance of the fixed payment date upon the occurrence of a specified event, such as a sale, default, assignment or further encumbrance of the property.

TITLE COMPANY
A company that insures title to property.

ATTORNEY-IN-FACT
One who is authorized by another to act in his place under a power of attorney.

MORTGAGOR
The borrower in a mortgage loan transaction.

TAX IMPOUND
Money paid to and held by a lender for annual tax payments.

LANDMARK
A stake, stream, cliff, monument or other object or feature which is used to fix or define land boundaries; also a prominent feature of a landscape or property that is the symbol for the place.

CONSTRUCTIVE EVICTION
Acts done by a landlord which so materially disturb or impair the tenant's enjoyment of the leased premises that a tenant is effectively forced to move out and terminate the lease without liability for any further rent.

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