Real Estate Definitions
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V If the letter V is displayed after the annual percentage rate (APR), this means the interest rate is variable and subject to periodic changes. Valid Having legal force. This means that if a property title is valid then it is effective or binding by law. Valuable Consideration An equivalent or compensation having value given for a thing purchased, as money, marriage, services, etc. It is the granting of some beneficial right, interest, or profit by one party in exchange for the performance of another. Valuation The act or process of assessing value or price of a property through an appraisal. Variable Interest Mortgage A mortgage product where the interest rate can change or vary during the loan term. The variance in the interest rate usually depends on a specific factor such as prime bank rate or the guaranteed investment certificate rate for a designated lender. Variable Interest Rate Percentage paid by a borrower for the use of funds. This interest rate moves up or down periodically due to changes in other interest rates. Variable Rate See "Variable Interest Rate." Variable Rate Mortgage A mortgage product where the interest rate is adjusted periodically based on a standard financial index. Also called an "Adjustable-rate Mortgage." CanEquity has access to the best Variable rate/below prime mortgages in Canada. vendor In real estate transactions it is the person selling the property. Vendor Take Back In order to sell a property, the seller will provide all or some of the financing to ensure the transaction. Verification of Employment Confirmation from a place of employment that verifies a loan applicant is being truthful about where he or she works and about the salary he or she earns. VISA A type of credit card that is distributed by financial institutions around the world. A VISA card holder borrows money against a credit line and repays that money with interest if a balance is carried over from month to month. Void Something that is void has no validity or effect under the law meaning it is null. For example, a contract can be rendered void. Voidable When an individual or party involved in a contract is entitled to renege or retract the contract at his or her discretion. |
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