Virginia Beach Hotel And Condo,

OFFER AND ACCEPTANCE
The two components of a valid contract; a "meeting of the minds."

DESCENT
The acquisition of an estate by inheritance, where an heir succeeds to the property by operation of law. Descent literally means the hereditary succession of an heir to property of an ancestor who dies intestate.

PENTHOUSE
An apartment located on the roof of a building, or more commonly, an apartment on the top floor of a building.

NON-COMPETITION CLAUSE
A provision in a contract or lease prohibiting a person from operating or controlling a nearby business which would compete with one of the parties to the contract.

JUNIOR MORTGAGE
A mortgage subordinate to the claim of a prior lien or mortgage. In the case of a foreclosure, a senior mortgage or lien will be paid first.

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.

REBATE
A reduction or kickback of a stipulated charge.

TENANCY AT SUFFERANCE
A tenancy which exists when a tenant wrongfully holds over after the expiration of a lease, without the landlord's consent, as where the tenant fails to surrender possession after termination of the lease.

NET WORTH
The value remaining after deducting liabilities from assets.

SECONDARY MORTGAGE MARKET
A market for the purchase and sale of existing mortgages, designed to provide greater liquidity for mortgages; also called secondary money market.

LOCK OR LOCK-IN
A lender's guarantee of an interest rate for a set period of time. The time period is usually that between loan application approval and loan closing. The lock-in protects you against rate increases during that time.

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.

TRUST FUND ACCOUNT
An account set up by a broker at a bank or other recognized depository, into which the broker deposits all funds entrusted to him by his principal or others.

VOID
Having no legal force or binding effect; a nullity; not enforceable. A contract for an illegal purpose (i.e. gambling)is void.

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

SHORELINE
The dividing line between private land and public beach on beachfront property.

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.

CONVERTIBLE ARMS
A type of ARM loan with the option to convert to a fixed-rate loan during a given time period.

COMMON WALL
A wall separating two living units.

NEGOTIATION
The transaction of business aimed at reaching a meeting of minds among the parties; bargaining.

GRANTOR
The person transferring title to, or an interest in, real property. A grantor must be competent to convey; thus, for example, an insane person cannot convey title to real property.

COVENANT
A written agreement or promise of two or more parties by which either pledges to perform or not to perform specified acts on a property, or which specifies certain uses or non-uses of the property.

BUNDLE OF RIGHTS
An ownership concept describing all those legal rights which attach to the ownership of real property, including the right to sell, lease, encumber, use, enjoy, exclude, will, etc.

ZONING ORDINANCES (OR ZONING REGULATIONS)
Local law establishing building codes and usage regulations for properties in a specified area.

APPRECIATION
An increase in the worth or value of property due to economic or related causes, which may prove to be either temporary or permanent.

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