Terms & Definitions V-2, W & Z
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| Variable Rate Mortgage | A mortgage where the interest rate changes over time based on some agreed upon index. Also known as an Adjustable Rate Mortgage (A R M).
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| Variance | Permission to build, convert, or otherwise use a parcel of property in violation of the zoning ordinances.
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| Vendee | The buyer of real estate. The buyer under an installment contract.
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| Vendor | The seller of real estate. The seller under an installment contract.
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| Vicarious Liability | The risk that a buyer or seller assumes, when extending sub-agency representation in the transaction.
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| Void | Having no binding legal force.
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| Voidable | Having binding force but able to be broken by one of the parties.
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| Voluntary Alienation | Transfer of title with the owners consent as in transfer by deed.
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| Warranty Deed (General warranty Deed) | A form of deed where the grantor makes certain warrants, or guarantees to the grantee. The grantor will defend the title against all claims, including those against prior owners (not commonly found in Mass).
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| Waste | Improper use or abuse the property by one in possession, such as a tenant.
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| Water Rights | The rights a property owner has in regards to water within, or abutting property owned. Includes subsurface water and surface water. Rights in flowing bodies of water are riparian, while rights to standing bodies of water are littoral.
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| Will | A written instrument disposing of property after an individual's death (testator).
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| Wraparound Mortgage | Financing where a new mortgage is placed in a junior position to an existing mortgage. The new mortgage includes the existing first mortgage, which is not paid off plus any new funds loaned.
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| Zoning | An exercise of police power whereby a city or town limits property rights by determining, what can be built within certain sections of a municipality.
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