Glossary - V

VA Guarantee
An insurance contract in which the Veterans Administration (VA) insures that the named lender will recover a specific percentage of the loan amount from the insurer in the event the loan goes bad.

 

Variable Rate Mortgage
A loan in which the interest rate fluctuates with the cost of funds or some other index.

 

Vendee
A purchaser of real property under land contract.

 

Vendor
A seller of real property under land contract.

 

Vest
To pass to a person an immediate right or interest. Title may be said to vest in John Smith.

 

Vestee
A nonlegal term used by title insurers to indicate the owner of real property in a policy or report.

 

Voluntary Lien
Any lien placed on property with the consent of or as a result of the voluntary act of the owner. A Deed of Trust is an example of this.

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