U

Underwriter

An insurance company that issues insurance policies to the public or to another insurer.

V

VA Guarantee

An insurance contract in which the Veterans Administration (VA) insures that the named lender will recover a specific percentage of the loan amount from the insurer in the event the loan goes bad.

Variable Interest Rate

An interest rate that fluctuates with the current cost of money; subject to adjustment if the prevailing rate moves up or down.

Vendee

Purchaser or buyer, especially on a land contract.

Vendor

The person who transfers property by sale. Another word for “seller”.

Venue

Used to refer to the county or place in which an acknowledgment is made before a notary; also refers to the county in which a lawsuit may be filed or tried.

Vested

Present ownership rights, absolute and fixed.

W

Waiver

The voluntary and intentional relinquishment of a known right, claim or privilege.

Warranty

A legal, binding, promise, given at the time of a sale, whereby the seller gives the buyer certain assurances as to the condition of the property being sold.

Warranty Deed

A deed used in many states to convey fee title to real property. A warranty deed contains provisions under which the seller becomes liable to the purchaser for defects in or encumbrances on the title.

Will

A written expression of the desire of a person as to the disposition of that person’s property after death. Must follow certain procedures to be valid.

X

Y

Z

Zoning

Laws passed by local governments regulating the size, type, structure, nature and use of land or buildings.

Westcor Land Title Insurance Company does not guarantee complete accuracy of this dictionary.