Beach Condo Sales Virginia,

FIRM COMMITMENT
A definite undertaking by a lender to loan a set amount of money at a specified interest rate for a certain term.

BASE LINE AND MERIDIAN
An imaginary set of lines used by surveyors to locate and describe land under the Rectangular Survey Method of property description used in most mainland states.

MORTGAGEE
The lender in a mortgage loan transaction.

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

ACCELERATION CLAUSE
A common provision of a mortgage or note providing the holder with the right to demand that the entire outstanding balance is immediately due and usually payable in the event of default.

HOUSE RULES
Rules of conduct adopted by a board of directors of a condominium and designed to promote harmonious living among the owners and occupants.

OFFSITE COSTS
Costs such as for sewers, streets, utilities, etc., which are incurred in the development of raw land, but are not connected with the actual construction of the buildings(onsite costs).

DECLARATION OF RESTRICTIONS
A statement of all the covenants, conditions and restrictions ("CC&R's") which affect a parcel of land.

DUAL AGENCY
Representing both principals (buyer and seller) to a transaction.

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

PREPAYMENT
Full or partial repayment of the principal before the contractual due date.

DEVELOPER
One who attempts to put land to its most profitable use by the construction of improvements.

COMMERCIAL PROPERTY
A classification of real estate which includes income producing property such as office buildings, gasoline stations, restaurants, shopping centers, hotels and motels, parking lots and stores, and other similar uses.

REALTOR
A registered word which may only be used by an active real estate broker who is a member of the state and local real estate board affiliated with the National Association of Realtors. The use of the name REALTOR and the distinctive seal in advertising is strictly governed by the rules and regulations of the National Association.

FHA LOANS
Fixed- or adjustable-rate loans insured by the U.S. Department of Housing and Urban Development. FHA loans are designed to make housing more affordable, particularly for first-time homebuyers. FHA loans typically permit borrowers to buy a home with a lower down payment than conventional loans. With FHA insurance, eligible buyers can purchase a home with a down payment as little as 3% of the appraised value or the purchase price, whichever is lower. FHA borrowers typically are required to participate in a face-to-face meeting with their lender or a government approved mortgage counselor prior to closing on a new mortgage loan. The current FHA loan limits vary depending on home type and home location. To find the most recent limits for your home, consult the FHA Maximum Mortgage Limits web page.

LEGAL NOTICE
That notice which is either implied or required by law. Constructive notice under the recording laws is also referred to as legal notice.

CLOUD ON TITLE
Any document, claim, unreleased lien or encumbrance which many impair or injure the title to property or make the title doubtful because of its apparent or possible validity.

HIGH RISE
A popular expression for a condominium or apartment building generally higher than six stories.

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