Zoning
Monday, December 17th, 2007
Procedure that classifies real property for a number of different uses: residential, commercial, industrial, etc. in accordance with a land-use plan.
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Real Estate Words Glossary Archive
Write-off
Monday, December 17th, 2007
Depreciation or amortization an owner takes on a commercial property.
Warranty deed
Monday, December 17th, 2007
A deed in which the grantor guarantees that he or she is giving the grantee good title free of encumbrances. Considered to be the best deed a grantee can receive.
VA loan
Monday, December 17th, 2007
Veterans Administration-backed mortgage. The VA, a federal agency, operates a loan guarantee program for honorably discharged veterans and widows of veterans who died of a service-related injury. Mortgages call for low or no down payment. Sometimes referred to as GI loan.
Variance
Monday, December 17th, 2007
A permit granted as an exception to a zoning ordinance that allows a property owner to meet certain specified needs.
Value
Monday, December 17th, 2007
Market value or present worth. To have value, a property must have utility, scarcity, effective demand, and transferability.
Valid contract
Monday, December 17th, 2007
One that meets all requirements of law, is binding upon its parties, and is enforceable in a court of law.
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