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Underwriting |
The process of analyzing a borrower's capability
to honor repayment of a loan (evaluating his or her credit, assets, employment)
along with the value of the property being purchased, to help minimize the risk
involved for the party lending the purchase money |
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Unilateral contract |
A one-sided contract in which only one party is
legally under obligation by the terms of the contract; one party promises an
action to the second party, who is not legally required to respond, but if the
second part does comply, then the first party is obligated to honor the promise
made |
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Unsecured loan |
A loan that is not guaranteed by
collateral |
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Usury |
The act of charging more than the maximum rate
of interest permitted by law |
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 The way that you hold title to your property has legal, tax, and estate-planning consequences. Many buyers do not receive adequate professional advice on this important aspect of property ownership.
If you are purchasing property by yourself, you will be acquiring title by sole (or "separate") ownership, single ownership, or severalty ownership. The term "severalty" does not denote more than one person - it is a legal term meaning that sole ownership is severed from all other forms of ownership.
If you are purchasing property with others, the most common forms of co-ownership are tenancy in common, joint tenancy, and community property. Tenants in common can be created when two or more related or unrelated people hold title to a property either equally or unequally. Each individual has the right to do whatever he wishes with his interest in the property. For example, he can sell his interest, give it away, or will it to someone else.
Before you take title, you should seek advice from your tax advisor and an attorney, particularly if you are buying the property with another person.
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| Q |
How can you give your home the equivalent of sunglasses?
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| A |
Install low "E" squared glass filters sunlight, saves on energy costs and prevents fading of furniture, drapes and carpets. |
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Craig Alexander
Weichert Realtors
824 John Marshall Highway
Front Royal, Winchester, Strasburg and Luray, VA. 22630
Cellular: 540-671-6082
Home Office: 540-933-6964
Fax: 540-301-0791
Voice Mail: 540-635-1300 ext. 131
Email: craigalexander@NUMBER1EXPERT.com
Email: craig@mris.com
Born and raised in the Front Royal area, I began practicing real estate in 1990. I offer a wealth of information about the area, including Front Royal, Warren County, Winchester, Frederick County, Flint Hill, Rappahannock County, Strasburg, Shenandoah County and Luray, Page County. A top producer in the region with over 450 closed transactions since 1997, I provide the best service possible to my customers and clients and have been recognized as one of the Top 5% Realtors nationwide for the past 7 years.    
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