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
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Same as term resale proceeds: Net amount received when property is sold. It equals the selling price less outstanding mortgage balance less all costs incurred in connection with the sale. ...
An individual's option to fairly utilize another's property. An example is privileges under an easement. For example, a person receives permission to use a lake on the private property of ...
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A lien on property such as for the nonpayment of real estate taxes or mechanic's lien for repairs to the home without the consent of the owner, created by operation of law. ...
One who has committed a tort. A tort is a civil wrong that occurs as a result of a breach of legal duty owed to someone, e.g., negligence. A tort does not arise from a breach of contract. ...
Designing a home with a Spanish cultural flavor. ...
Legal obligation to pay for a benefit received as if a contract has actually occurred. This may arise in a few cases so that an equitable situation occurs. An example is when a homeowner ...
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?
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