Ymca Of South Hampton Roads,

PROBATE
The formal judicial proceeding to prove or confirm the validity of a will. The will is presented to the probate court, and creditors and interested parties are notified to present their claims or to show cause why the provisions of the will should not be enforced by the court.

WRAP-AROUND MORTGAGE
A method of refinancing in which the new mortgage is placed in a secondary or subordinate position. In essence, it is an additional mortgage in which another lender refinances a borrower by lending an amount over the existing first mortgage amount, without cashing out or distributing the existence of the first mortgage.

COMMINGLING
To mingle or mix; for example, to deposit client funds in the broker's personal or general account. A licensee found guilty of commingling can have the license suspended or revoked by the Real Estate Commission.

BANKRUPTCY
A proceeding in a federal court to relieve certain debts of a person or a business unable to pay its debts.

DOWER
The legal right or interest a wife acquires in property her husband held or acquired anytime during marriage.

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.

AGENCY
A relationship created when one person, the "principal," delegates to another, the "agent," the right to act on the principal's behalf in business transactions and to exercise some degree of discretion while so acting. An agency gives rise to a fiduciary relationship and imposes on the agent, as the fiduciary of the principal, certain duties, obligations and high standards of good faith and loyalty.

COLLATERAL
Something of value given or pledged as security for a debt or obligation. The collateral for a real estate mortgage loan is the mortgaged property itself, which has been hypothecated.

PUFFING
Exaggerated or superlative comments or opinions not made as representations of fact and thus not a grounds for misrepresentation. A statement such as "the apartment has a fantastic view," is puffing because the prospective buyer can clearly assess the view in each case.

FORECLOSURE (OR REPOSSESSION)
Legal process by which a mortgaged property may be sold to pay off a mortgage loan that is in default.

PLANNED UNIT DEVELOPMENT (PUD)
A modern concept in housing designed to produce a high density of dwellings and maximum utilization of open spaces.

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

RESIDUAL PROCESS
An appraisal process used in the income approach to estimate the value of the land and/or the building, as indicated by the capitalization of the residual net income attributable to it.

FEE SIMPLE
Absolute ownership of real property.

HOMEOWNER'S ASSOCIATION
A non-profit association of homeowners organized pursuant to a declaration of restrictions or protective covenants for a subdivision, a PUD, or a condominium.

ENTIRETY, TENANCY BY
A form of joint ownership of property between husband and wife with the right of survivorship.

ASSIGNMENT
The transfer of ownership, rights, or interests in property by one person, the assignor, to another, the assignee.

TENANCY IN COMMON
A form of concurrent ownership of property between two or more persons, in which each has an undivided interest in the whole property; frequently found when the parties acquire title by descent or by will.

LOAN COMMITMENT
A commitment by a lender of the amount he will loan to a qualified borrower on a particular piece of real estate for a specified amount of time under specific terms.

FIRST REFUSAL, RIGHT OF
The right of a person to have the first opportunity either to purchase or lease real property.

CAPITAL IMPROVEMENT
Any structure which is erected as a permanent improvement to real property; any improvement which is made to extend the useful life of a property, or to add to the value of the property.

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

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.

LETTER OF INTENT
An expression of intent to invest, develop or purchase without creating any firm legal obligation to do so.

PRINCIPAL
The capital sum; interest is paid on the principal. NOT spelled principle.

COMPARABLES
Recently sold properties which are similar to a particular property being evaluated, and which are used to indicate a reasonable fair market value for the subject property.

BULK TRANSFERS
Any transfer in bulk, and not in the ordinary course of the seller's business, of a major part of the materials, inventory or supplies of an enterprise.

FDIC
See Federal Deposit Insurance Corporation.

UNILATERAL CONTRACT
A contract in which one party makes an obligation to perform without receiving in return any express promise of performance from the other party, such as an open listing contract, where the seller agrees to pay a commission to the first broker who brings in a ready, willing and able buyer.

Realtor in Hampton Roads, Hampton Roads Real Estate Agent www.shaunotoole.com Helping you with all your real estate needs in Hampton Roads	Chesapeake Virginia Real Estate Agent, Realtor In Chesapeake www.chesapeakeva-re.com Chesapeake Virginia Homes	Norfolk Virginia Real Estate Agent, Realtor In Norfolk www.norfolkva-re.com Norfolk Virginia Homes	Virginia Beach Real Estate Agent, Realtor In Va Beach www.virginiabeachva-re.com Virginia Beach Virginia Homes	Ads