Glossary of Terms

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Most terms and definitions have been provided by:

http://realestateglossary.internetcrusade.com
VARIANCE
Permission obtained from governmental zoning authorities to build a structure or conduct a use which is expressly prohibited by the current zoning laws; an exception from the zoning laws.
VENDEE
The purchaser of realty; the buyer. The buyer under an agreement of sale or land contract.
VENDOR
The seller of realty. The seller under an agreement of sale or land contract.
VOID
Having no legal force or binding effect; a nullity; not enforceable. A contract for an illegal purpose (i.e. gambling)is void.
VOIDABLE
A contract which appears valid and enforceable on its face, but is subject to rescission by one of the parties who acted under a disability, such as being a minor or being under duress or undue influence; that which may be avoided or adjudged void but which is not, in itself, void.