Virginia Beach Town Center Condo,

QUIET ENJOYMENT
The right of a new owner or a lessee legally in possession to uninterrupted use of the property without interference from the former owner, lessor or any third party claiming superior title.

CLOSING (OR SETTLEMENT)
The settlement or closing is the conclusion of your real estate transaction. It includes the delivery of your security instrument, signing of your legal documents and the disbursement of the funds necessary to the sale of your home or loan transaction (refinance).

OPEN LISTING
A listing given to any number of brokers. The first broker who secures a buyer ready, willing and able to purchase at the terms of the listing is the one who earns the commission.

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

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.

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.

ENCROACHMENT
An unauthorized invasion or intrusion of a fixture or other real property wholly or partly upon another's property, thus reducing the size and value of the invaded property.

GIFT TAX
A graduated federal tax paid by a donor upon making a gift.

BILATERAL CONTRACT
A contract in which each party promises to perform an act in exchange for the other party's promise to perform.

VENDOR
The seller of realty. The seller under an agreement of sale.

LOCUS SIGILLI
Latin for "under seal", used in the abbreviated form, "L.S.," at the end of signature line in some formal legal documents; used instead of the actual seal.

FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC)
Independent deposit insurance agency created by Congress to maintain stability and public confidence in the nation's banking system.

FEE SIMPLE
Absolute ownership of real property.

EVICTION
The legal process of removing a tenant from possession of the premises for some breach of the lease contract.

HAZARD INSURANCE
Protects the insured against loss due to fire or other natural disaster in exchange for a premium paid to the insurer.

FRONTAGE
The length of a property abutting a street or body of water; that is, the number of feet that "front" the street or water.

LAW DAY
The date an obligation becomes due; sometimes refers to the closing date.

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).

NOVATION
The substitution of a new obligation for an old one; substitution of new parties to an existing obligation, as where the parties to an agreement accept a new debtor in place of an old one.

TAX LIEN
Claim against a property for unpaid taxes.

PARTIAL RELEASE
A clause found in a mortgage which directs the mortgagee to release certain parcels from the lien of the blanket mortgage upon the payment of a certain sum of money.

ABATEMENT
A reduction or decrease in amount, degree, intensity or worth.

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