The Divorce Process Virginia, The Divorce Process Virginia

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NATIONAL ASSOCIATION OF REALTORS
Formerly known as the National Association of Real Estate Boards (NAREB), it is the largest and most prestigious real estate organization in the world.

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.

GOOD WILL
An intangible, salable asset arising from the reputation of a business.

PLAT
A map or a town, section, or subdivision indicating the location and boundaries of individual properties.

FIRM COMMITMENT
A definite undertaking by a lender to loan a set amount of money at a specified interest rate for a certain term.

BLANKET MORTGAGE
A mortgage that covers more than one parcel of real estate.

MORTGAGE
A legal document used to secure the performance of an obligation. In effect, the mortgage states that the lender can look to the property in the event the borrower defaults in payment of the note.