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-V-
VA
Guarantee
An insurance contract in which the Veterans
Administration (VA) insures that the named
lender will recover a specific percentage
of the loan amount from the insurer in the
event that the loan goes bad.
Vacancy
Allowance
An
estimate of the amount of rent that may be
foregone because of unoccupied units.
Valuation
See Appraisal.
Variable
Expenses
Those costs which vary according to the extent
to which a property is occupied. For example,
janitorial services in an office building.
Variable
Interest Rate
An interest rate that fluctuates based on
the changes of an underlying interest rate
index.
Variable
Rate Mortgage
A loan being repaid by payments which change
as the market interest rate changes.
Vendee
Purchaser or buyer, especially on a land contract.
Vendor
A person who transfers property by sale. Another
word for "seller".
Vendor's
Lien
A lien either express or implied given to
a vendor for the remaining unpaid and unsecured
part of a purchase price. The seller has the
right to take back possession of a sold property
until its purchase price has been received
from the buyer.
Vendor's
Statement of Adjustment
Closing Statement which shows the net amount
of proceeds to be received by the vendor upon
completion of the transaction. See also Statement
of Adjustment.
Venue
Used to refer to the county or place in which
an acknowledgment is made before a notary;
also refers to the county in which a lawsuit
may be filed or tried.
Vested
Having the rights of ownership, although those
rights may be delayed until a future date.
Vertical
Support
The right of land to be supported by the land
which lies under it.
Void
Contract
A contract which never had any legal existence
or effect and which is not capable of being
enforced.
Voidable
Contract
A voidable contract, unlike a void contract,
is a valid contract. At most, one party to
the contract is bound. The unbound party may
repudiate the contract, at which time the
contract is void. (For example, depending
on the jurisdiction, a contract with a minor
may be a voidable contract).
The
definitions of Real Estate Definitions found
on 10Realty.com are for general information
only. All information is subject to change
and should be independently verified. 10Realty.com
makes no representations or warranties of
any nature with regard to the information
found on the pages therein. 10Realty.com assumes
no responsibility for any liabilities or losses
claimed or incurred as a result of using this
information. (Real Estate Terms, Investment
Terms, Banking Terms explained, definitions,
legal definitions, legal terms and definitions)
