Glossary
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 Mortgage Rate
A loan in which the interest rate fluctuates with the cost of funds or some other index.
Vendee
A purchaser of real property under land contract.
Vendor
A seller of real property under land contract.
Vest
To pass to a person an immediate right or interest. Title may be said to vest in John Smith.
Vestee
A nonlegal term used by title insurers to indicate the owner of real property in a policy or report.
