Genesis Associates Mortgage Definitions "V" (866) 410.4410

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Definitions of Mortgage Terms

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Valuation Date - The date used for establishing the assessed value for all properties in the Province. The valuation date for 2001 and 2002 taxation years is June 30, 1999. Formerly called a "base year".

Variable Rate Mortgage - One of two types of blended mortgages in which interest fluctuates according to the prime rate or a selected index with corresponding adjustments to payments or amortization to reflect those changes. The other type of blended mortgage payment is referred to as a fixed rate mortgage.

Vendor's Lien - A notice registered on title by the vendor, protecting the vendor for the unpaid balance of the purchase price. It is usually collaterally secured by a mortgage.

Void - Of no legal effect; a nullity.

Voidable - One party to a contract is entitled to rescind the contract at his or her option.