Real Estate Glossary
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These assist veterans and their spouses (including un-remarried spouses of veterans whose deaths were service-related) in financing the purchase of homes with little or no down payments at interest rates.
refers to an agreement which contains all of the essential elements of a contract: competent parties, offer and acceptance, consideration, and legal subject matter.It is binding and enforceable on all parties to it.
with regard to appraising, value refers to the specific purpose sought in the appraisal assignment. Examples of values include: market value, insurable value, quick sale value, liquidation value, book value, etc.
While the purpose (specific value sought) of most appraisals is to estimate a property’s market value, the appraiser should not assume that is the purpose of every appraisal.
is the permission by the government to allow a minor deviation or violation of the current zoning requirements. Violations of zoning setback requirements are a substantial source of requests for variances.
is the seller. Generally it is individual who is selling their land or real property. Vendor could also sell their option on real property.
is an interrest that certain to occur
refers to a contract with no force or affect under the law – and therefore is not capable of being enforced under any circumstances. A contract that has an illegal purpose was invalid from the beginning and can not be enforced by either party.
refers to a contract that allows one of the parties to rescind the agreement because they entered into the agreement under a disability.
Example: If an individual bought a piece of land but the seller used fraud to induce the sale the contract is considered voidable and can be voided by the injured party. The purchaser has the right to void the contract but not the seller who used fraud. If the purchaser finds oil under the land the seller does not have the same right to void the contract claiming it was voidable.
means that the owner of the property agreed to the transfer. Examples of voluntary alienation would be gift or sale.