Glossary of Real Estate and related terms.

All

Vendor

The seller of realty. The seller under a land contract. In some cases, the vendor may not be the owner--he or she might be the holder of an option.

Voluntary Conveyance

Voluntarily signing over to a lender the property pledged as collateral on a defaulted loan

Waiver

Voluntary relinquishment or surrender of some right or privilege.

Walk-through

A final inspection of a home to check for problems that may need to be corrected before closing.

Water Table

The natural level at which water is located in a particular area, be it above or below the surface of the earth.

Wetlands

Areas that are inundated or saturated by surface or ground water at a frequency and duration sufficient to support vegetation typically adapted for life in saturated soils. Also referred to as bogs, marshes, sloughs and swamps.

Yield

In real estate, yield refers to the effective annual amount of income that is being accrued on an investment. The yield on income property is the ratio of the annual net income from the property to the cost or market value of the property. The yield, or profit, to a lender is the spread or differential between the cost of acquiring the funds lent and the interest rate charged.

Zoning

Local law establishing building codes and usage regulations for properties in a specified area.