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Glossary Of Real Estate Terms
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Glossary V

Variable-Rate Mortgage:

A mortgage where payments are fixed, but the interest rate moves in response to trends (it could change from month to month depending on market conditions. If interest rates go up, a larger portion of your payment goes to the interest; if rates go down, more goes to cover the principal.

Vendor:
A person (or business) who sells particular type of product. In real estate a seller of real property.

Vendor Financing (Balance of Sale):
The seller sometimes takes the mortgage at a rate lower than market rates. Most of these arrangements are not renewable or transferable to the next owner.
Void:
Not valid or legally binding; having no force or effect.

Voidable:
In law, a transaction or action which is voidable is valid, but may be annulled by one of the parties to the transaction. A contract that is voidable is one where the offended party may make a choice.



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