Special Assessment - Legal charge against real estate by a public authority to pay cost of public improvements such as: street lights, sidewalks, street improvements, etc.
Subdivision - A parcel of land that has been divided into smaller parts (lots, blocks or tracts).
Tenancy in Common - A type of joint ownership of property by two or more persons with no right of survivorship.
Term of Mortgage - The period during which a mortgage must be paid.
Title Insurance Policy - A policy that protects the purchaser, mortgagee or other party against losses.
Trust Account - An account separate and apart and physically segregated from broker’s own funds in which broker is required by law to deposit all funds collected for clients.
VA Loan - A loan that is partially guaranteed by the Veterans Administration and made by a private lender.
Variable Interest Rate - An interest rate that fluctuates in a set proportion to changes in an economic index, such as the cost of money. Extensive regulations cover use of VIRs in loans on residential property.
Venue - The location in which a cause of action occurs; it determines the court having jurisdiction to hear and decide the case. For real estate, the court having proper venue is one in the county in which the property is located.
Vested - Bestowed upon someone, such as title to property. Absolute, not contingent or subject to being defeated.
Waiver - Giving up of certain rights or privileges. The relinquishment may be voluntary and knowing, or it may occur involuntarily through action of the parties. The action resulting in the waiver is unilateral, and requires no action or reliance by the other party.
Warranty Deed - A deed used to convey real property which contains warranties of title and quiet possession where the grantor agrees to defend the premises against the lawful claims of third persons.
Zone - The area set off by the proper authorities in which the real property can be used for only specific purposes.
Zoning - Act of city or county authorities specifying the type of use to which property may be put in specific areas. A government's division of a city or other geographic area into districts, and the regulation of property uses within each district.
