Virginia Beach Real Estate Tax,

STATUTE OF LIMITATIONS
That law pertaining to the period of time within which certain actions must be brought to court.

COOPERATIVE OWNERSHIP
Cooperative ownership of an apartment unit means that the apartment owner has purchased shares in a corporation which holds title to the entire apartment building.

DEFAULT
Failure to meet legal obligations in a contract, including failure to make payments on a loan.

LAND
The surface of the earth extending down to the center and upward to the sky, including all natural things thereon such as trees, crops, or water; plus the minerals below the surface and the air rights above.

VARIANCE
Permission obtained from governmental zoning authorities to build a structure or conduct a use which is expressly prohibited by the current zoning laws; an exception from the zoning laws.

MONEY
The cash deposit (including initial and additional deposits) paid by the prospective buyer of real property as evidence of his good faith intention to complete the transaction; called hand money or a binder in some states.

BEARER
The legal owner of a piece of property.

LAND DESCRIPTION
A description of a particular piece of real property.

APR
See Annual Percentage Rate.

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