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Real Estate Lexicon

A B C D E F G H I K L M N O P Q R S T U V W X Y Z

V

VA - Veterans Administration  
The U.S. Department of Veterans Affairs operates a variety of programs to help veterans.

VA loans  
A program that allows most veterans to purchase a house without a down payment.

VA mortgage
A mortgage that is guaranteed by the Department of Veterans Affairs (VA).

Variable rate  
An interest rate that changes with fluctuations in such indexes as the U.S. Treasury bill index.
   
Variance
A permit granted to an individual property owner to vary slightly from strict compliance with the zoning requirements.

Vendor
The seller of real estate.

Vendee
The purchaser of real estate.

Verification of deposit
Part of the loan process, in which a lender will ask a borrower's bank to sign a statement verifying the borrower's account balances and history.

W

Waiver  
A voluntary relinquishing of certain rights or claims.

Walk-through
A buyer's final inspection of the home to determine if conditions in the purchase agreement have been satisfied.

Warranty Deed
An instrument that transfers real property from one person to another and in which the grantor promises that title is good and clear of any claims.

Will  
The most basic legal document outlining the disposition of a person's estate in the event of death.

Y

Year-to-Year lease
An agreement in which the landlord leases property to a tenant for a year, and the term renews automatically until sufficient notice is given.

Yield
Yield is an important way of measuring the future income on an investment or, in other words what return on investment will I get from this property.

YTD - Year to Date
The period beginning at the start of the calendar year up to the current date.
YTD figures are used to evaluate the returns an investment has generated during the current year.

Z

Zero-lot lines  
Houses built without space between them and with little or no yard.

Zoning  
Regulations that control the use of land within a jurisdiction.

Zoning Variance  
A one-time modification of existing zoning law.

Zoning Ordinance
Exercise of police power of a municipality in limiting the character and use of property.