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
The term’s abstract of title definition is the recorded summary of a property’s history. Abstracts of title can be used to determine former and present ownerships of any ...
Obligation taken on by a person who did not obtain it originally, but agrees to honor the terms of the existing obligation as a condition for the transaction. By assuming the loan rather ...
If you are involved with real estate, chances are you've come across the term "convey" or conveyance. But what does convey mean in real estate? This term is crucial whether you're buying, ...
Rent that a comparable property would mandate in a given real estate rental market. Market rent is a competitive rate based on rents other comparable properties receive. For example, in a ...
unfinished access space below the first floor having less height than a full story. An individual must crawl through the crawl hole to gain access. Any interior passage of limited ...
Thin layer or slate of baked clay, linoleum, or some other material that is used for covering floors, roofs, or as an ornament in a building. ...
Before getting a loan to buy a property, you must know the definition of foreclosure. A foreclosure is the process of making a loan due immediately. Technically, a loan becomes due way ...
The total expenditures required to make a locality suitable for the designated purpose. An example is how much it would cost to build a shopping center on a lot. ...
Area that is located between a rural and urban area. ...
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.