Business / Real Estate Glossary

Vendor: The seller of realty. The seller under a land contract. In some cases, the vendor may not be the owner--he or she might be the holder of an option.

Verification: Confirmation under oath of the truthfulness of a statement.

Veterans Administration (VA): Federal agency providing assistance to veterans, including the guarantee of VA mortgage loans.

Veterans Exemption: California war veterans may receive a $4,000 exemption on the full cash value of their homes.

Void: Having no legal force or binding effect, a nullity, not enforceable. A void agreement is no contract at all. A void contract need not be disaffirmed, nor can it be ratified. A contract for a . . . View Full Definition

Voidable Contract: A contract that seems to be valid on the surface but may be rejected or disaffirmed by one or both of the parties.

Volatile Organic Compounds: Carbon compounds that tend to be emitted as gases into the air. Organic chemicals are widely used as ingredients in household products. Paints, varnishes, and wax all contain organic solvent . . . View Full Definition

Voluntary Conveyance: Voluntarily signing over to a lender the property pledged as collateral on a defaulted loan.

Voluntary Lien: A lien placed on property with the knowledge and consent of the property owner.

Waiver: To give up a right voluntarily.

Walk-Through: A final inspection of a property just before closing. This assures the buyer that the property has been vacated, that no damage has occurred and that the seller has not taken or substituted . . . View Full Definition

Warehousing: Warehousing is the assembly of mortgage loans into pools. Securities that represent shares in these pools are then sold to investors. Examples of warehousing agencies include Fannie Mae/Fede . . . View Full Definition

Warranty: A promise that certain stated facts are true. A guaranty by the seller, covering the title as well as the physical condition of the property. A warranty is different from a representation in . . . View Full Definition

Warranty Deed: A deed in which the grantor fully warrants good clear title to the premises, also called a general warranty deed. The usual covenants of title are covenant of seisin (possession), covenant o . . . View Full Definition

Waste: An improper use or an abuse of a property by a possessor who holds less than fee ownership, such as a tenant, life tenant, mortgagor or vendee. Such waste ordinarily impairs the value of the . . . View Full Definition

Water Table: The natural level at which water is located in a particular area, be it above or below the surface of the earth.

Water Well: An excavation where the intended use is for location, acquisition, development, or artificial recharge of ground water.

Weekly Activity Report: A weekly written report given to an owner by a listing broker reviewing the sales activities conducted by the broker to sell the listed property.

Weighted Average Technique: When reconciling appraisal approaches, the application of a weight to each approach for averaging.

Wetlands: Areas that are inundated or saturated by surface or ground water at a frequency and duration sufficient to support vegetation typically adapted for life in saturated soils. Also referred to . . . View Full Definition

Wholesale Agreements: An agreement of a loan originator to work exclusively with a single lender.

Will: A written document, properly witnessed, providing for the transfer of title to property owned by the deceased, called the testator.

Will-Buy Buyers: Will-buy buyers are bargain-hunters looking for motivated must-sell sellers.

Will-Sell Sellers: Unmotivated sellers who put their property on the market at an above-market price. Sellers who do not need to sell but will if the price is right.

Window Well: The dugout area just outside of a basement window that can be used to escape in the event of a fire.

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