https://fastpiccrm-ewnkq7rc.manus.space/assets/Glossary-B-j__Izo.js

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2 * @license lucide-react v0.453.0 - ISC
3 *
4 * This source code is licensed under the ISC license.
5 * See the LICENSE file in the root directory of this source tree.
6 */const p=o("BookOpen",[["path",{d:"M12 7v14",key:"1akyts"}],["path",{d:"M3 18a1 1 0 0 1-1-1V4a1 1 0 0 1 1-1h5a4 4 0 0 1 4 4 4 4 0 0 1 4-4h5a1 1 0 0 1 1 1v13a1 1 0 0 1-1 1h-6a3 3 0 0 0-3 3 3 3 0 0 0-3-3z",key:"ruj8y"}]]),n=[{term:"PICRA",definition:"Property Inspection Contingency Repair Addendum. A legally binding addendum to a Virginia real estate purchase contract specifying repairs the seller agrees to complete before closing, based on a home inspection."},{term:"Addendum",definition:"A document that modifies or supplements an existing contract. A PICRA is an addendum to the purchase and sale agreement. All addenda must be signed by both buyer and seller to be binding."},{term:"Closing",definition:"The final step in a real estate transaction where ownership transfers from seller to buyer. All PICRA repairs must be completed before the closing date."},{term:"Closing Date",definition:"The date on which the real estate transaction is scheduled to settle. PICRA repairs must be completed and documented before this date."},{term:"Contingency",definition:"A condition that must be met for a real estate contract to become binding. A home inspection contingency allows the buyer to inspect the property and negotiate repairs (via a PICRA) before proceeding."},{term:"Home Inspection",definition:"A professional examination of a property's condition conducted by a licensed home inspector. The inspection report identifies repair items that may be included in a PICRA."},{term:"Home Inspection Report",definition:"The written document produced by a licensed home inspector detailing the condition of the property. This report is the basis for PICRA repair requests."},{term:"Pay at Close (POC)",definition:"A payment arrangement where the cost of PICRA repairs is deducted from the seller's proceeds at the closing table, rather than paid directly before closing. Fast PICRAs accommodates POC arrangements."},{term:"Listing Agent",definition:"The real estate agent representing the seller in a transaction. The listing agent often coordinates PICRA repairs on behalf of the seller."},{term:"Buyer's Agent",definition:"The real estate agent representing the buyer. The buyer's agent typically prepares the PICRA addendum based on the inspection report and submits it to the listing agent."},{term:"Seller's Disclosure",definition:"A legally required document in Virginia where the seller discloses known material defects in the property. Required under Virginia Code § 55.1-703."},{term:"As-Is Addendum",definition:"An addendum where the buyer agrees to purchase the property in its current condition, waiving the right to request repairs. Properties sold as-is do not typically involve a PICRA."},{term:"Escrow",definition:"A neutral third-party account that holds funds during a real estate transaction. Repair costs in a Pay at Close arrangement are disbursed from escrow at settlement."},{term:"Title Company",definition:"The company that manages the closing process, ensures clear title, and disburses funds. For Pay at Close repairs, Fast PICRAs coordinates with the title company to include repair costs in the closing disclosure."},{term:"Closing Disclosure (CD)",definition:"A document provided to the buyer before closing that details all costs associated with the transaction, including any PICRA repair costs paid at close."},{term:"FHA Loan",definition:"A mortgage insured by the Federal Housing Administration. FHA loans have minimum property requirements (MPRs) that may require certain repairs to be completed before the loan can close — often addressed through a PICRA."},{term:"VA Loan",definition:"A mortgage guaranteed by the U.S. Department of Veterans Affairs for eligible veterans and service members. VA loans have minimum property requirements (MPRs) similar to FHA, and PICRA repairs are often required to satisfy them."},{term:"Minimum Property Requirements (MPRs)",definition:"Standards set by FHA, VA, and USDA loan programs that a property must meet before a loan can be approved. Common MPR issues include electrical hazards, roof leaks, and crawl space moisture — all addressable through PICRA repairs."},{term:"Crawl Space",definition:"The area beneath a home between the ground and the first floor. Crawl space issues (moisture, mold, structural damage) are among the most common PICRA repair items in Hampton Roads due to the region's high humidity and water table."},{term:"GFCI Outlet",definition:"Ground Fault Circuit Interrupter outlet. Required by code in wet areas (bathrooms, kitchens, garages, outdoors). Missing or non-functional GFCI outlets are a common PICRA electrical repair item."},{term:"Wood-Destroying Insect (WDI) Report",definition:"A report by a licensed pest control company documenting evidence of termites or other wood-destroying insects. Required for VA loans and often included in PICRA pest control items."},{term:"Termite Inspection",definition:"An inspection for termites and other wood-destroying insects. Termite treatment and damage repair are common PICRA items, especially in Hampton Roads where termite activity is high."},{term:"Virginia DPOR",definition:"Virginia Department of Professional and Occupational Regulation. The state agency that licenses contractors, home inspectors, and real estate agents in Virginia. Fast PICRAs holds a Class A Contractor License from DPOR."},{term:"Class A Contractor License",definition:"The highest level of contractor license issued by Virginia DPOR, required for projects over $120,000 in value. Fast PICRAs holds a Class A license, qualifying us for any scope of PICRA repair work."},{term:"Hampton Roads",definition:"The metropolitan area in southeastern Virginia encompassing Virginia Beach, Norfolk, Chesapeake, Hampton, Newport News, Portsmouth, and Suffolk. Fast PICRAs serves the entire Hampton Roads region."},{term:"Re-Inspection",definition:"A follow-up inspection by the buyer (or their agent) to verify that agreed PICRA repairs have been completed satisfactorily before closing. Fast PICRAs provides documentation to facilitate re-inspections."},{term:"Completion Report",definition:"A document provided by Fast PICRAs upon completion of PICRA repairs, including a description of work performed, before/after photos, and receipts. 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