Condo For Sale In Virginia Beach,

BENEFICIARY
A person who receives the benefits from the gifts or acts of another, such as one who is designated to receive the proceeds from a will, insurance policy or trust.

AGREEMENT OF SALE
An agreement between the seller (vendor) and buyer (vendee) for the purchase of real property.

LICENSEE
A person who has a valid license. A real estate licensee can be a salesperson or a broker, active or inactive, an individual, a corporation, or a partnership.

TAX LIEN
A general statutory lien imposed against real property for failure to pay taxes. There are federal tax liens and state tax liens.

ALLODIAL SYSTEM
The free ownership of land by individuals.

BORROWER (MORTGAGOR)
An individual who applies for and receives funds in the form of a loan and is obligated to repay the loan in full under the terms of the loan.

LAND LEASEBACK
A creative financing device often used with raw land which a developer wants to improve, in which the developer sells the land to an investor who leases the land back to the developer under a long-term net lease and subordinates his fee ownership to the lender providing development financing.

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

WASTE
An improper use or abuse of property by one in possession of land, who holds less than the fee ownership, such as a tenant, life tenant, mortgagor, or vendee.

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.

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