Virginia Beach Real Estate Assessment,

BROKER
An individual who brings buyers and sellers together and assists in negotiating contracts for a client.

CERTIFICATE OF REASONABLE VALUE (CRV)
A certificate issued by the Veterans Administration setting forth a property's current market value estimate, based upon a VA approved appraisal.

RUNNING WITH THE LAND
Rights or covenants which bind or benefit successive owners of a property are said to run with the land, such as restrictive building covenants in a recorded deed which would affect all future owners of the property.

VERIFICATION OF EMPLOYMENT (VOE)
Document signed by the borrower's employer verifying the borrower's position and salary.

DEPRECIATION (TAX)
For tax purposes, depreciation is an expense deduction taken for an investment in depreciable property.

JUDICIAL FORECLOSURE
A method of foreclosing upon real property by means of a court supervised sale. After an appraisal, the court determines an upset price below which no bids to purchase will be accepted.

CONVERSION CLAUSE
A provision in some ARMs that allows you to change an ARM to a fixed-rate loan, usually after the first adjustment period. The new fixed rate will be set at current rates, and there may be a charge for the conversion feature.

SWEAT EQUITY
Value added to a property in the form of labor or services of the owner rather than cash.

REDUCTION CERTIFICATE
An instrument which shows the amount of the unpaid balance of a mortgage, the rate of interest and the date of maturity.

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