Terms Used In Virginia Code > Title 25.1 > Chapter 4 - Relocation Assistance and Real Property Acquisition Policies

• Appraisal: A determination of property value.
• Appraisal: means a written statement independently and impartially prepared by a qualified appraiser setting forth an opinion of defined value of an adequately described property as of a specific date, supported by the presentation and analysis of relevant market information. See Virginia Code 25.1-100
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Business: means any lawful activity, except a farm operation, conducted primarily:

  1. See Virginia Code 25.1-400

• Comparable replacement dwelling: means any dwelling that is (i) decent, safe and sanitary; (ii) adequate in size to accommodate the occupants; (iii) within the financial means of the displaced person; (iv) functionally equivalent; (v) in an area not subject to unreasonable adverse environmental conditions; and (vi) in a location generally not less desirable than the location of the displaced person's dwelling with respect to public utilities, facilities, services and the displaced person's place of employment. See Virginia Code 25.1-400
• Date of valuation: means the time of the lawful taking by the petitioner, or the date of the filing of the petition pursuant to § 25. See Virginia Code 25.1-100
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Displaced person: means :

  1. See Virginia Code 25.1-400

• Dwelling: means the place of permanent or customary and usual residence of a person, according to local custom or law, including a single-family house, a single family unit in a two-family, multi-family, or multi-purpose property; a unit of a condominium or cooperative housing project; a nonhousekeeping unit; a mobile home; or any other residential unit. See Virginia Code 25.1-400
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• farm: means any person that obtains at least 51 percent of its annual gross income from agricultural operations and produces the agricultural waste used as feedstock for the waste-to-energy technology, (ii) "agricultural waste" means biomass waste materials capable of decomposition that are produced from the raising of plants and animals during agricultural operations, including animal manures, bedding, plant stalks, hulls, and vegetable matter, and (iii) "waste-to-energy technology" means any technology, including but not limited to a methane digester, that converts agricultural waste into gas, steam, or heat that is used to generate electricity on-site. See Virginia Code 1-222.1
• Farm operation: means any activity conducted solely or primarily for the production of one or more agricultural products or commodities, including timber, for sale or home use, and customarily producing such products or commodities in sufficient quantity to be capable of contributing materially to the operator's support. See Virginia Code 25.1-400
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
• Land: means real estate and all rights and appurtenances thereto, together with the structures and other improvements thereon, and any right, title, interest, estate or claim in or to real estate. See Virginia Code 25.1-100
• Nonprofit organization: means an organization that is exempt from paying federal income taxes under § 501 of the Internal Revenue Code (26 U. See Virginia Code 25.1-400
• Owner: means any person who owns property, provided that the person's ownership of the property is of record in the land records of the clerk's office of the circuit court of the county or city where the property is located. See Virginia Code 25.1-100
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• person: means the beneficiary of the trust rather than the trust or the trustee. See Virginia Code 55.1-2100
• Person: means any (i) individual or (ii) partnership, corporation, limited liability company, association, or other business entity. See Virginia Code 25.1-400
• Property: means land and personal property, and any right, title, interest, estate or claim in or to such property. See Virginia Code 25.1-100
• Real estate: includes (i) parcels with or without upper or lower boundaries and (ii) spaces that may be filled with air or water. See Virginia Code 55.1-2100
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• State agency: means any (i) department, agency or instrumentality of the Commonwealth; (ii) public authority, municipal corporation, local governmental unit or political subdivision of the Commonwealth or any department, agency or instrumentality thereof; (iii) person who has the authority to acquire property by eminent domain under state law; or (iv) two or more of the aforementioned that carry out projects that cause persons to be displaced. See Virginia Code 25.1-100
• Supreme Court: means the Supreme Court of Virginia. See Virginia Code 1-249
• Uneconomic remnant: means a parcel of real property in which the owner is left with an interest after the partial acquisition of the owner's property and which the state agency has determined has little or no value or utility to the owner. See Virginia Code 25.1-400