REAL ESTATE TERMS YOU MAY WANT TO KNOW WHEN BUYING OR SELLING A HOME IN THE ORLANDO AREA
(Click A Letter Or Scroll Down To Find A Term Starting With That Letter)
Get To Know The “V’s” Of Real Estate
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AKA zoning variance is where a property owner applies for special permission for an otherwise non-permitted use of land.
a federal agency, which guarantees loans made to veterans; similar to mortgage insurance, a loan guarantee protects lenders against loss that may result from a borrower default.
a mortgage guaranteed by the Department of Veterans Affairs (VA).
Costs or payments that may vary from month to month, for example, gasoline or food.
a point in time when you may withdraw funds from an investment account, such as a retirement account, without penalty.
The vacancy rate is the projected rate of the percentage of rental units that will be vacant in a given year.
Valuation establishes an opinion of value utilizing an objective approach based on facts related to the property, such as age, square footage, location, cost to replace, etc.
Value in use is the present worth of the future benefits of ownership.
A vendor’s affidavit is a document signed under oath by the seller stating that the seller has not encumbered title to real estate without full disclosure to the purchaser.
Vesting options are choices buyers have in how to acquire property.
Vicarious liability is one person being responsible for the actions of another. This is especially true for a real estate broker and their agents. The broker is the final word when it comes to the authority and the client/customer always belongs to the broker. So making sure you have a good, reliable broker is as important as the agent you may be face to face with when buying or selling a home in the Orlando area.
An agreement that is capable of being made void but is not null and void and so it must be either confirmed or voided.
Keep in mind that this is by no means a complete list of terms, but it does highlight most of the more common terms used in the industry and is a constant work in progress as time passes.
If you have any questions whatsoever regarding the sale or purchase of a property in the Central Florida area please feel free to call or write me direct. My business hours are Monday thru Friday 9am – 6pm.
Thank you for choosing MORE Realty Services LLC as an information source for your Central Florida real estate needs.
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