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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 Brown. Vestee--A non-legal term used by title
insurers to indicate the owner of real property in a policy or report. |
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Warranty--An agreement and
assurance by the grantor of real property for himself and his heirs, to the effect that he is the owner and will be responsible. WilI--A written document properly witnessed, providing for the
distribution of property owned by the deceased. |
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Zoning--The right of a municipality to regulate and determine the compatible character and use of property. |
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