Divorce Lawyer In Virginia Beach, Divorce Lawyer In Virginia Beach

TAX IMPOUND
Money paid to and held by a lender for annual tax payments.

BULK TRANSFERS
Any transfer in bulk, and not in the ordinary course of the seller's business, of a major part of the materials, inventory or supplies of an enterprise.

IMPOUND ACCOUNT
A trust account established to set aside funds for future needs.

UPSET PRICE
A minimum price set by a court in a judicial foreclosure, below which the property may not be sold by a court appointed commissioner at public auction; the minimum price which can be accepted for the property after the court has had the property appraised.

MORTGAGE
A legal document by which real property is pledged as security for the repayment of a loan.

ALTERNATIVE DOCUMENTATION
A method of documenting a loan file that relies on information the borrower is likely to be able to provide instead of waiting on verification sent to third parties for confirmation of statements made in the application.

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

COMMON AREAS
Land or improvements designated for the use and benefit of all residents, property owners and tenants.

DISCOUNT POINTS (OR POINTS)
Points are an up-front fee paid to the lender at the time that you get your loan. Each point equals one percent of your total loan amount. Points and interest rates are inherently connected: in general, the more points you pay, the lower the interest rate you get. However, the more points you pay, the more cash you need up front since points are paid in cash at closing.