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VA Law Deffinitions

Real Estate VA Law

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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