Edgewater Condo Virginia Beach,

SURVEY
A measurement of land, prepared by a licensed surveyor, showing a property's boundaries, elevations, improvements, and relationship to surrounding tracts.

REALTY
Land and everything permanently affixed thereto.

SUMMARY POSSESSION
A legal process used by a landlord to regain possession of the leased premises if the tenant has breached the lease or is holding over after the termination of tenancy.

TITLE INSURANCE
A comprehensive contract of indemnity under which the title company agrees to reimburse the insured for any loss if title is not as represented in the policy.

LIMITED PARTNERSHIP
A partnership formed by two or more persons having as members one or more general partners and one or more limited partners.

DUPLEX
A structure that provides housing accommodations for two families by having separate entrances, kitchens, bedrooms, lanais, living rooms and bathrooms. A two-family dwelling.

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.

ACRE
A measure of land equaling 43,560 square feet; 4,840 square yards; 160 square rods.

PERMANENT FINANCING
A long-term loan, as opposed to an interim loan.

EXECUTOR
A person appointed by a testator to carry out the directions and requests in the last will and testament, and to dispose of property according to the provisions of the will.

DEPTH TABLE
Tables of percentage designed to provide a uniform system of measuring the additional value to lots which accrues because of added depth, with the extra depth valued according to the added utility which it creates.

COVENANTS RUNNING WITH THE LAND
Covenants which become part of the property and benefit or bind successive owners of the property.

TOWNSHIP
A piece of property, used in the government survey system of land description, which is 6 miles square, and contains36 sections, each 1 mile square; and consists of 23,040 acres.

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

BROKER
One who acts as an intermediary between parties to a transaction. A real estate broker is a properly licensed person who, for a valuable consideration, serves as an agent to others to facilitate the sale or lease of real property.

DEED OF TRUST
A legal document that conveys title to real property to a third party. The third party holds title until the owner of the property has repaid the debt in full.

SEPTIC TANK
A sewage settling tank in which part of the sewage is converted into gas and liquids before the remaining waste is discharged by gravity into a leaching bed underground.

AIR RIGHTS
The rights to the use of the open space or vertical plane above a property. Ownership of the land includes the right to all air above the property.

PRORATE
To divide or distribute proportionately.

INTEREST RATE CAP
Consumer safeguards which limit the amount the interest rate on an ARM loan can change in an adjustment interval and/or over the life of the loan. For example, if your per-period cap is 1% and your current rate is 7%, then your newly adjusted rate must fall between 6% and 8% regardless of actual changes in the index.

ASSUMPTION OF MORTGAGE
The act of acquiring title to property which has an existing mortgage on it and agreeing to be personally liable for the terms and conditions of the mortgage, including payments.

SECURITY AGREEMENT
A security document which creates a lien upon chattels, including chattels intended to be affixed to land as fixtures; known as a chattel mortgage prior to the adoption of the Uniform Commercial Code.

PERCENTAGE LEASE
A lease whose rental is based on a percentage of the monthly or annual gross sales made on the premises.

WAIVER
To voluntarily give up or surrender a right.

COMMUNITY PROPERTY
A system of property ownership based on the theory that each spouse has an equal interest in property acquired by the efforts of either spouse during marriage.

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