Real Estate Glossary

The usefulness of an item; its ability to satisfactorily function for the purpose for which it was intended.

The loan amount which the Veteran's Administration will guarantee on loans to eligible veterans or their surviving spouses.

Having binding force; legally sufficient and authorized by law.

Materially valuable items pledged to fulfill one requirement of a valid contract.

The estimated worth of property.

The worth of one thing in comparison with another; the market value; something desirable and therefore having worth.

A loan in which the interest rate rises or falls according to an indicator of market interest such as the Prime Lending Rate.

Permission obtained from zoning authorities permitting the construction of a building or structure that is forbidden by present zoning ordinances; a departure from the general rule.

The buyer.

The seller.