Page 47 - Homeowners Manual - Marin County

Total Loan Costs: Fees the lender charges to make the loan, Vendor: A seller of real property under land contract�
as well as fees paid to providers selected by the lender
and fees paid to providers chosen by the borrower� Total Vest: To pass to a person an immediate right or interest�
Loan Costs are found under Section D of the Title may be said to vest in John Smith�
Loan Estimate�
W
Township: A division of territory approximately six miles
square, containing approximately 36 sections or 36 Walk-Through: Depending on the terms of the contract
square miles� of sale or based on local custom, a walk-through or
pre-settlement inspection may be scheduled prior to
Tract: A particular parcel of land� settlement or closing of the transaction� The primary
purpose of this type of inspection is to make certain the
Trust: A property right held by one as a fiduciary for the property is in the agreed-upon condition, repairs (if any)
benefit of another� from the home inspection are complete, and to confirm

Trustee: A person holding property in trust as a fiduciary for that nothing has gone wrong with the property since the
the benefit of another� buyer’s last viewing�
V Warranty: A limited promise by the grantor of real property
that he or she is the owner and will be responsible to the
buyer if title is other than as represented�
Variable Rate Mortgage: A loan in which the interest rate
fluctuates with the cost of funds or some other index� Will: A written document providing for the distribution of
property owned by a person after his or her death�
Variances: The comparison made between fees and/
or charges listed on the Loan Estimate (or Good Faith Z
Estimate) and those listed on the final Closing Disclosure
(or HUD-1)� Not all fees are exposed to such scrutiny but Zoning: The right of a municipality to regulate and
for those that are the creditor/lender is held accountable determine the compatible character and use of property�
for the excessive charges� There are two levels of
tolerance based on the type of fee� Variance may also be The terms contained in this booklet are defined in their most
referred to as Tolerance� commonly used form� Should more precise interpretations
of these terms be necessary, we advise you to seek the
Vendee: A purchaser of real property under land contract�
counsel of an attorney�

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