Menu

Real Estate Home
Site Map
Ymca Hampton Roads
Ymca Of South Hampton Roads

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

FRAUD
Any form of deceit, trickery, breach of confidence or misrepresentation by which one party attempts to gain some unfair or dishonest advantage over another.

NEGATIVE CASH FLOW
The investment situation where cash expenditures to maintain an investment (taxes, mortgage payments, maintenance, etc.) exceed the cash income received from the investment.

PARTITION
The dividing of common interests in real property owned jointly by two or more persons.

COOPERATING BROKER
A broker who joins with another broker in the sale of real property.

CANTILEVER
A projecting beam or overhanging portion supported at one end only.

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.

MECHANIC'S LIEN
A statutory lien created in favor of materialmen and mechanics to secure payment for materials supplied and services rendered in the improvement, repair or maintenance of real property.

SUBJECT TO MORTGAGE
A grantee taking title to real property "subject to mortgage" is not personally liable to the mortgagee for payment of the mortgage note. In the event the grantor-mortgagor defaults in paying the note, the grantee could, however, lose property, and thus his equity, in a foreclosure sale.

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.

EXCHANGE
A transaction in which all or part of the consideration for the purchase of real property is the transfer of property of a like kind.

DUE ON SALE CLAUSE
A form of acceleration clause found in some mortgages, especially savings and loan mortgages, requiring the mortgagor to pay off the mortgage debt when selling the secured property, thus resulting in automatic maturity of the note at the lender's option.

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.

INITIAL RATE
The rate charged during the first interval of an ARM loan.

EMINENT DOMAIN
The right of government, both state and federal, to take private property for a necessary public use, with just compensation paid to the owner.

PLOTTAGE
The merging or consolidating of adjacent lots into one larger lot, with the consequent result of improved usability and increased value; also called assemblage.

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.

PRIME RATE
The minimum interest rate charged by a commercial bank on short-term loans to its largest and strongest clients(those with the highest credit standings).

CERTIFIED PROPERTY MANAGER
A professional property manager who has qualified for membership in and is a member of the Institute of Real Estate Management, and is designated a CPM.

RANGE
A measurement, used in the government survey system, consisting of a strip of land six miles wide, running in a north-south direction.

TAX SALE
Public sale of property by a government authority as a result of non-payment of taxes.

INSPECTION
A visit to and review of the premises. A prudent purchaser of property always inspects the premises before closing.

POSSESSION
The act of either actually or constructively possessing or occupying property.

JUST COMPENSATION
An amount of compensation to be received by a party for the taking of property under the power of eminent domain.

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