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VA Law Deffinitions
Real Estate VA Law
| Term | Definition |
|---|---|
| Statutory Right of redemption | The right of a delinquent Tax payer after a property tax sale; REDEEM YOURSELF |
| Cost Approach | Process of estimating Property value by adding cost of a new building or governmental run building, school, library, police station: to estimated land value; SCHOOL OR NEW CONSTRUCTION |
| Trade fixture | Personal property attached to a business by a tenant. If left behind, becomes property of Land Lord; DENTIST CHAIR |
| Real Estate | Land at, above or belows the earths surface, Plus all things natural and artificial that are attached to it: ABOVE/BELOW |
| Judgment Lien | After a judgment is entered and recorded, becomes a general lien on the defendants real and personal property; BEFORE GENERAL LIEN |
| Equalization Factor | A factor used to achieve uniformity in taxation assessments; UNIFORMED TAXATION |
| Appurtenance | Right, Privilege or improvement belonging to and passing with the land; COMES WITH LAND |
| General Lien | A lien that affects all of the real and personal property owned by the debtor; ALL PROPERTY |
| Principle of Conformity | Maximum value is created when a property is in harmony with its surroundings; HARMONY/CONFORMITY |
| Annexation | Conversion of Personal Property to Real Property by means of uniting or joining together: is used to describe the manner im which a chattel is joined to property; Codicil to a will or Attachment |
| Attachment of Writ | A writ that establishes court custody of property until a pending lawsuit concludes |
| Sales Comparison Approach | Appraisal process that examines sales of similar properties |
| Assemblage | The process of combing two or more joining lots into one large track |
| Replacement Cost Approach | Construction cost at current price of a property that is not exact duplicate |
| Equitable Right of Redemption | The right of a delinquent taxpayer to recover property before a tax sale |
| Plottage | Increase in value or unity due to consolidation of two or more adjoining lots into one larger lot |
| Land | Earths surface extending down to center of earth and up to infinity: Includes permanent natural objects |
| Contribution | Principle that the value of any part of the property is measured by its effects on the whole value on that property |
| Subsurface rights | Rights to the natural resources lying below the earth surface. |
| Income Approoach | An appraisal process used to estimate value of rental property |
| Anticipation | appraisal principle that holds value is created on the expectation of some future event |
| Fixture | MARIA; Method of attachment; Adaptation; Relationship: Intent and Agreement; Item that was once personal property and is now permenantly attached so that it becomes real property |
| Specific Lien | Lien secured by property and affecting only that property |
| External Obsolescence | Reductions in property value do to outside factors to the property |
| Subordination | A written agreement between Lien holders to change priority of a lien |
| Functional Obsolescence | Loss of the value due to an improvement to real estate because of problems such as changing tastes or poor design, Toilet in the kitchen |
| Ad Valorem | Tax levied according to value |
| Mechanics Lien | Specific Involuntary lien on the property where contractors or other providers have labor or materials in the property |
| Market Value | most probably price property in an arms lengths transaction under normal market conditions on the open market |
| Lispendes | A notice of a possible lien based on a lawsuit |
| Severance | Conversion of real property to personal property, such as removing a ceiling fan |
| Improvement | Man-Made attachement to the land, such as a garage, office building or side walk |
| Air Rights | Right to use the open space above the surface of the property |
| Emblements | Harvestable annual crops such as soy bean or tomatoes, considered to be personal property |
| Involuntary Lien | a type of lien created by law; taxes |
| assessment | The official process of valuing real estate for tax purposes |
| Real Property | Interests, Benefits and rights automatically included in the ownership of land and real estate |
| lien | a charge or a claim against a persons property, to enforce the payment of money |
| Chattel | moooovable item of Personal Property such as appliances, tools, vehicles |
| Substitution | Principle that maximum value of property tends to be set by cost of buying an equally desirable and valuable property |
| tie-in arrangement | an agreement to sell one product if only the buyer purchases another product : the sale of the first desired product is tied to the purchase of a second less-desirable product |
Created by:
tperez5001
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