Definition of "Vendee"
Vendee refers to a person to whom something is sold. The meaning of vendee is a buyer of goods and services. A more common term for vendee is a purchaser. While a vendor is a seller, the vendee is a term associated with the person that buys or the person at whom the vendor sells his products or services.
Vendee in real estate
In real estate, the term can be associated with the person that buys real estate. This can often be a homebuyer if he/she purchases a house. Also, the term vendee can also be a land buyer or a commercial real estate investor who uses his/her capital in order to purchase commercial real estate. Any type of real estate associated purchase makes the owner a vendee or a purchaser.
There are other terms associated with vendee, such as contract vendee sale. Through this contract, a transaction is made through which the seller or vendor transfers beneficial rights, including the obligation of ownership and the right of possession to the purchaser or vendee. They also agree to close at a future date under well-defined terms.
Popular Real Estate Terms
Space just below the roof of a house, barn, or other structure. Upper story of a factory or warehouse. ...
A forced sale or forced liquidation typically means an involuntary sale of valuables or property for financial reasons. If an unpredictable or uncontrollable event emerges, a seller must ...
(1) Anything of value given to induce a person or entity into entering a contract. It may be money, personal services, or the trading of property. A valid contract requires adequate ...
Legal right of the buyer of real estate for the acquisition price paid if the seller does not render the deed to the property. The buyer's lien is not only for the purchase price paid but ...
The maximum pre-approved amount that an individual or business can borrow without preparing a new credit request. It is a safety buffer in the event funds are needed for unexpected ...
Same as term spot zoning: Zoning a portion of land in a given area for different purposes than its surrounding functions. For example, a locality may decide to spot zone a vacant lot in a ...
Also called demand note. A loan with no established maturity period, callable on demand by the lender for repayment. The interest on this type of loan is calculated on a daily basis and ...
A clause that may be inserted in a listing agreement stating no commission will be paid to the broker until the property title has actually been transferred. Normally, willing and able ...
Where property is sold to the highest bidder. ...
Comments for Vendee
Would both names need to be listed on an easement, legal title holder and also the Contract for deed
Apr 21, 2021 15:48:50Hi Randy! The short answer to your question is yes. Although it isn't always obligatory, under most circumstances the agreements you specified must be signed by both parties in order to be legally binding. Hope we were able to clarify that for you!
May 05, 2021 18:15:16Can vendee loan payments be tied into mortgage payments.
May 09, 2020 09:32:33Hey, Jeanettia! Thank you for your question. I assume you are referring to closing costs for home loans. If that is the case, then there is a way you can reduce the amount of money you pay for closing through a seller concession. Through a sellers concession, the home seller is reducing the closing costs of buying the home, making it easier for the buyer. The funds will be added to the home’s sale price, therefore adding them to the mortgage payments. We do have an article about negotiating tips for lower your closing costs where we talk about the sellers concession and other ways of lowering your payments if you find it useful.
May 20, 2020 10:51:29Have a question or comment?
We're here to help.