• Glossary of useful terms and definitions

  • The language and jargon used in purchasing a property can be very confusing. Here's an A-Z glossary of commonly used words and phrases, with easy-to-understand definitions for each one.
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  • V

    • Valuation

      A report required by the lender detailing a professional opinion of a property's value.

    • Variable interest rate

      A rate that varies in accordance with rates in the marketplace.

    • Vendor

      A party who offers a property for sale.

    • Vendor statement

      A statement by the seller to the buyer detailing material particulars regarding the property in question.

    • Villa

      A single storey, attached dwelling.