Page 51 - Homeowners Manual - Arizona

Total Loan Costs: Fees the lender charges to make the W
loan, as well as fees paid to providers selected by the
lender and fees paid to providers chosen by the borrower� Walk-Through: Depending on the terms of the contract
Total Loan Costs are found under Section D of the Loan of sale or based on local custom, a walk-through or
Estimate� pre-settlement inspection may be scheduled prior to
settlement or closing of the transaction� The primary
Township: A division of territory approximately six miles purpose of this type of inspection is to make certain the
square, containing approximately 36 sections or 36 property is in the agreed-upon condition, repairs (if any)
square miles� from the home inspection are complete, and to confirm
that nothing has gone wrong with the property since the
Tract: A particular parcel of land�
buyer’s last viewing�
Trust: A property right held by one as a fiduciary for the Warranty: A limited promise by the grantor of real property
benefit of another�
that he or she is the owner and will be responsible to the
Trustee: A person holding property in trust as a fiduciary for buyer if title is other than as represented�
the benefit of another�
Will: A written document providing for the distribution of
V property owned by a person after his or her death�

Variable Rate Mortgage: A loan in which the interest rate Z
fluctuates with the cost of funds or some other index�
Zoning: The right of a municipality to regulate and
Variances: The comparison made between fees and/ determine the compatible character and use of property�
or charges listed on the Loan Estimate (or Good Faith
Estimate) and those listed on the final Closing Disclosure The terms contained in this booklet are defined in their
(or HUD-1)� Not all fees are exposed to such scrutiny but most commonly used form� Should
for those that are the creditor/lender is held accountable more precise interpretations of these terms be
for the excessive charges� There are two levels of necessary, we advise you to seek the counsel
tolerance based on the type of fee� Variance may also be of an attorney�
referred to as Tolerance�

Vendee: A purchaser of real property under land contract�
Vendor: A seller of real property under land contract�

Vest: To pass to a person an immediate right or interest�
Title may be said to vest in John Smith�

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