V - Z Terms Flashcards
zero interest loan
A loan in which the seller buys down the interest rate to zero; usually a short-term loan.
zero lot line
A building can be erected to the edge of the property.
zoning
City or county regulation on land use; considered to be an exercise of police power.
wraparound loan
A loan written for the amount of both junior and senior liens. The borrower makes the entire payment to the lienholder who then makes the payment on the senior encumbrance. Also called an all-inclusive mortgage.
workers’ compensation insurance
Provides wage replacement and
medical benefits to employees injured
in the course of employment.
will
Testamentary statement.
wild document
A recorded deed or lien on a property outside the chain of title (placed by one not having a recorded interest in the property).
wetlands
Marsh or swampland where the water table is close to or at the surface. They are protected from development by federal and state conservation regulations.
waste
Destruction or damage to a property(usually by a tenant).
warranty deed
A deed under which the grantor warrants the marketability of the title. See general warranty deed, special warranty deed.
warehousing
The practice of mortgage companies of accumulating a stock of mortgages and borrowing on them until they can be sold.
walk-through
Buyer’s final inspection of property before closing of a sale.
waiver
Accepting something less than contracted for. A waiver leaves the parties as they are. Rescission places them back as they were..
waive
To give up or relinquish a right.
wainscoting
The treatment of the lower portion of a wall in a different manner than the rest of the wall;(half paneling).
valid escrow
Escrow in which an agreement has been reached and there has been conditional delivery of transfer agreements (deeds) to escrow. Delivery is conditioned upon escrow receiving all required funds and/or liens.
voluntary lien
A lien, such as a mortgage, placed by an owner.
voidable
Capable of being voided by one party only; valid until voided.
void
Having no legal effect.
vicarious liability
Liability for acts of another based on the relationship of the parties such as liability of a broker for acts of a salesperson while acting for the broker.
vested remainder
A remainder interest that cannot be defeated, such as a remainder interest to a life estate. The remainder holder or heirs are bound to get the property.
vested A present or sure interest that cannot be revoked.
verification
A sworn statement before an officer of the court as to the correctness of the contents of an instrument.
vendee
The buyer.
vendor
The seller.
valley
An internal angle in a roof. Metalwork often is used in a valley to prevent leaks.
variance
An exception to zoning.
