Virginia Divorce Form
Virginia Divorce Form
Virginia Divorce Form

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Real Estate Terms of the Day for Virginia Divorce Form



LEASE
A lease is both a contract between lessor (landlord)and lessee (tenant) and a conveyance or demise of the premises by the lessor to the lessee. A lease is a contract in that item bodies the agreement between the parties.

MALL
A landscaped public area set aside for pedestrian traffic.

RESERVE FUND
Monies set aside as a cushion of capital for future payment of items such as taxes, insurance, furniture replacement, deferred maintenance, etc.; sometimes referred to as an impound account.

GROSS INCOME
Total income before taxes or expenses are deducted.

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

ETHICS
A system of moral principles, rules and standards of conduct.

NOVATION
The substitution of a new obligation for an old one; substitution of new parties to an existing obligation, as where the parties to an agreement accept a new debtor in place of an old one.

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