Real Estate Glossary

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Valid contract
One that meets all requirements of law, is binding upon its parties, and is enforceable in a court of law.

Estimated or determined value; synonymous with appraising.

Market value or present worth. To have value, a property must have utility, scarcity, effective demand, and transferability.

Variable rate mortgage
See adjustable rate mortgage.

A permit granted as an exception to a zoning ordinance that allows a property owner to meet certain specified needs.

VA loan
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 downpayment. Sometimes referred to as GI loan.

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