Virginia Beach Real Estate Agent,

COVENANTS AND CONDITIONS
Covenants are promises contained in contracts, the breach of which would entitle a person to damages. Conditions, on the other hand, are contingencies, qualifications or occurrences upon which an estate or property right would be gained or lost.

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.

FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC, OR FREDDIE MAC)
This agency buys loans that are underwritten to its specific guidelines. These guidelines are an industry standard for residential conventional lending.

FISCAL YEAR
A business year used for tax, corporate or accounting purposes, as opposed to a calendar year.

OBSOLESCENCE
A type of depreciation of 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.

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

TIME IS OF THE ESSENCE
The clause in a contract which emphasizes that punctual performance is an essential requirement of the contract.

COLLATERAL
Something of value given or pledged as security for a debt or obligation. The collateral for a real estate mortgage loan is the mortgaged property itself, which has been hypothecated.

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