Real Estate Terminology: V to Z

Valuation:
Estimated worth or price. The act of estimating the worth of real property.

Vendor:
A seller of real property.

Vendor Take-Back Mortgage:
A situation where sellers use their equity in a property to provide some or all of the mortgage financing in order to sell the property.

Void:
Of no legal effect or force. Void contract is a nullity at law, with no legal effect.

Voidable:
Where one party to a contract is entitled to rescind the contract at his/her option. Contracts entered into by minors, mentally incompetent persons or intoxicated persons may be voidable. Legal advice is strongly recommended on such matters.

Waiver:
A waiver is the voluntary relinquishment or surrender of some known right or privilege.

Waiver of Condition:
The relinquishment or surrender of some right as set out in a condition within an agreement.

Water Table:
The prevailing level of underground water in a particular location.

Yield Rate:
A term refering to the rate of return or yield on capital realized from all future benefits arising out of ownership.

Zone:
A stretch of land or an area having a particular purpose, characteristic, or use, or subject to particular restrictions.

Zoning Regulations:
Strict guidelines set and enforced by municipal governments regulating how a property may or may not be used.

For more terminology and jargon check:

Mortgage Info

Regardless of how certain you are that you will get mortgage, it is always good idea to get pre-approved from the mortgage lender of your choice. This will officially address any questions about your eligibility, rate, terms and it will enable you to better negotiate for the property of your choice.
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YOUR CREDIT SCORE

Credit scoring model seeks to quantify how likely the consumers are to pay off their debt without being late. The more your credit file demonstrates that you pay your debt on time, the more desirable you become as a potential customer. The higher the client's score is, the less likely they are to default on their loan.
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REAL ESTATE TIPS

Familiarize yourself with the fundamentals of real estate before you invest in your first property.

Make sure your information is up to date. You have to know and be realistic about today's real estate market.

Location matters, so before you buy any real estate property, ensure that it's in a good location.

Regardless of how certain you are that you will get mortgage, it is always good idea to get pre-approved.

Keep in mind, the commission is always negotiable upfront, before you sign a contract.

If you are working with agent, make it clear that you want the agent, not his/her assistants, to represent you.

Before you buy any real estate property, have it inspected by a professional home inspector.

If you are buying property with a partner, have a proper partnership agreement to protect both of you.

Make sure you read your listing or buyer’s agreement carefully before signing it.

Don’t skip the final walk-through to make sure that everything is done properly, and that the items you agreed should stay are still there.

Real Estate & Related Info

Location

Location is an investment too and can also affect property values and property taxes. More...

Downpayment

Learn how to take advantage of government programs available to first-time home buyers. More...

Inspection

Knowing what to expect will help you make an informed decision about the value and the future upkeep. More...

Closing Cost

Don't forget closing costs; they vary greatly by location and they are also relative to your house price. More...

Moving Tips

Pack a box of items that will be needed first at the new house. Clearly mark this box "Load Last." More...

Glossary

Although not complete, the glossary of real estate terms will help you with some of the more common terms. More...