| Term | Definition |
|---|
| underwriting | The process of verifying data and approving a loan. |
| unlawful detainer | An eviction lawsuit. |
| usufruct | The right to use property--or income from property--that is owned by another. |
| usury | Charging more than the rate of interest allowed by law. |
| VA | The Veterans Administration, a federal agency which guarantees loans made to qualified veterans on approved property. |
| variable rate | An interest rate that changes periodically in relation to an index. Payments may increase or decrease accordingly. |
| variance | An exception to a zoning ordinance, usually granted by a local government. For example, if you own an oddly shaped lot that could not accommodate a home in accordance with your city's setback requirement, you could apply at the appropriate office for a variance allowing you to build closer to a boundary line. |
| vendee | Purchaser. |
| vendor | Seller. |
| view ordinance | A law adopted by some cities or towns with desirable vistas--such as those in the mountains or overlooking the ocean--that protects a property owner from having his or her view obstructed by growing trees. View ordinances don't cover buildings or other structures that may block views. |
