Page 51 - Homeowners Manual - San Luis Obispo County

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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