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Mortgage Dictionary "V"
Valuation Date
The date used for establishing the assessed value for all properties in a jurisdiction; formerly called a "base year".
Variable Rate Mortgage
is type of mortgage, also referred to as adjustable rate mortgage, is the opposite of a fixed rate mortgage. The interest rate on this loan may change during the term of the mortgage reflecting changes in the current market rates.
Vendor Take-Back Mortgage (or Seller Take-Back Mortgage)
A mortgage in which the vendor uses his or her own equity to provide some or all of the mortgage financing in order to sell the property.
Vendor"s Lien
A notice registered on title by the vendor, protecting the vendor for the unpaid balance of the purchase price. It is usually collaterally secured by a mortgage.
Vendor"s Warranty
A guarantee that implies a home will be built in the appropriate way so that it is suitable for human habitation. If this guarantee is not met, the purchaser is entitled to damages for warranty violation.
Vicarious Performance
The subcontracting or delegating of a contractual obligation to a third party.
Void Contract
A contract or agreement that has no legal force or validity.
Voidable Contract
A contract that has the capability of being made void by one of the parties involved but is valid until rescinded.
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