|
  |
||
GLOSSARY of American & Mexican Real Estate Terms
V
VA Mortgage
(GI Mortgage) Mortgage guaranteed by Veterans Administration.
Valid Contract
A binding agreement containing all of the essential legal elements.
Valuable Consideration
Anything of value offered as an inducement (Money, ring, boat, etc.).
Value Added Tax - Impuesto sobre Valor Agregado
Commonly known as IVA, a tax added to all goods and services in Mexico.
Variable Interest Rate Mortgage (VRM)
The interest rate charged by the lender varies according to some index not controlled by the lender.
Variance
A type of safety valve to allow a property owner, who is unfairly burdened by zoning restrictions, to find relief.
Vendee
Purchaser in a contract for deed.
Vendee's Lien
Held by the purchaser for the purchase price paid if the seller defaults on the delivery of the deed.
Vendor
Seller in a contract for deed.
Vendor's Lien
The amount of the purchase price still due to the seller.
Veterans Administration (VA)
An agency of the federal government created to provide a loan guaranty program which enables qualified veterans to finance real estate purchases with a higher loan-to-value ratio than is normally possible with conventional financing.
Voidable Contract
An agreement in which one or more of the parties may elect to avoid or to ratify the legal obligations created by the contract. Minor, someone under duress.
Voluntary Alienation
The transfer of title by a deed.
Voluntary Lien
An encumbrance placed on property through some willful act of the owner.
|
|||
Flagstaff AZ Real Estate | Sedona AZ Real Estate | Sedona Real Estate |
|||
