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Welcome > Resources > Real Estate Dictionary - A
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VA guarantee |
An insurance contract for which the Veterans
Administration (VA) guarantees the lender's recovery of a designated percentage
of the loan amount from the insurer in the event that the borrower defaults on
the loan |
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VA loan, or Government
mortgage |
A mortgage loan available to qualified military
veterans which is guaranteed by the Department of Veteran Affairs, usually
offering either no down payment or a low down payment |
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Valuation |
The estimated of value of a
property |
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Variable rate mortgage, or Adjusted rate
mortgage |
A mortgage with interest rates that may
fluctuate based on market conditions |
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Verification of Deposit |
A statement signed by the borrower's financial
institution that verifies the current balances in the borrower's
accounts |
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Verification of
Employment |
A statement signed by the borrower's employer
that verifies the borrower's current position and salary |
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Vest |
To pass an immediate right on to a
person |
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Vested |
Having the right to withdraw a percentage of a
fund before its agreed-upon maturity date; e.g., the percentage vested to
individuals with retirement funds differs; if someone is 80% vested, that means
they can only withdraw 80% of the funds set aside for them until its
maturity |
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Department of Veterans Affairs
(VA) |
A federal agency that insures residential
mortgages made to eligible military veterans, which thereby encourages loans
being made to veterans |
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Disclosure Laws >What Sellers Might Disclose
Most states require a home seller to provide the buyer with some type of disclosure form. What might the seller have to disclose?
A Residential Property Disclosure Form requires the home seller to disclose facts about the home's heating, wiring or plumbing systems, including any defects that may exist, such as leaks in the roof or cracks in the foundation. If something in your home is not working properly or needs repair, you will need to either fix it or disclose the material defect to the prospective buyer. There are other disclosure forms, unique to each local area, that require sellers to disclose negative environmental factors or local building code issues. A lead-based paint disclosure form is required for homes built prior to 1978.
State legislatures and courts all over the country have passed laws regarding concealing defects from an agent or buyer. Ask your real estate agent about your obligations as a seller regarding disclosure.
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| Q |
Into what category do forty-four percent of home buying households fall?
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| A |
Forty-four percent of home-buying households are made up of married couples with dependents. |
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