Additional services offered by builders and other contractors to buyers in a new home that go beyond the minimal requirements for service.

US Department of Housing and Urban Development (HUD)

The Federal agency that oversees the Federal Housing Administration and a multitude of other housing and community development programs.


The U.S. Veterans Administration.

VA loan

A loan that is sponsored by the Veterans Administration Program (VA) that ensures a veteran

Variable Rate Mortgage

A mortgage whose rate is not fixed, but changes over time according to a preset formula. Also known as Adjustable Rate Mortgage.


The passing of a right or other interest from one party to another.


A term used to describe the owner of real property.


This procedure is the buyer

Warehouse Fee

The fee charged by a lender to introduce a loan


A formal guarantee that states that the owner of the property is who they say they are and can be held responsible if the title provided to the buyer is something other than what was discussed.

Warranty Deed

A deed that expresses covenants of a good title and the right of possession are detailed and guaranteed.


A formal document that details the line of succession of items and other real property to specified parties in the event of the owner

Zero-lot Line

The situation that occurs when a house is near the boundary of the property and as a result, there is little space between the house and the adjoining property.


The right of the local government to regulate and determine the character and use of a property

Zoning Variance

The modification of an existing zoning law. This modification can only occur once.

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