[
Dictionary of Terms ]
 A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
V
VA
Veterans Administration.
VACANCY
RATE the percentage of all units or space that is unoccupied
or not rented. On a pro-forma income statement a projected vacancy
rate is used to estimate the vacancy allowance, which is deducted
from potential gross income to derive effective gross income.
VACANT
LAND land not currently being used. May have utilities and off-site
improvements. Contrast with raw land.
VACATE
to move out.
VACATION
HOME a dwelling used by the owner occasionally for recreational
or resort purposes. It may be rented to others for a portion
of the year. Income tax deductions pertaining to vacation homes
depend on the frequency of use by the owner. Generally, a business
loss cannot be claimed on a vacation home.
VALID
having legally binding force; legally sufficient and authorized
by law.
VA
LOAN home loan guaranteed by the U.S. Veterans Administration
(VA) under the Servicemen's Re-adjustment Act of 1944 and later.
The VA guarantees restitution to the ]ends the event of default.
The guaranty is 60% of the loan, but not more than $27,500. Home
must be a principal residence.
VALUABLE
CONSIDERATION a type of promised payment upon which a promisee
can enforce a claim against an unwilling promisor. Includes money,
extension of time, and other equivalents for the grant. Distinguished
from good consideration, which may be love and affection toward
a relative, generosity, and the like.
VALUATION
1. estimated worth or price. 2. the act of estimating the worth
of a thing.
VARA
a measurement or unit of length.
VARIABLE
EXPENSES property operating costs that increase with occupancy.
VARIABLE
INTEREST RATE an amount of compensation to a lender that is allowed
to vary over the maturity of a loan. The amount of variation
is generally governed by an appropriate index. VARIABLE-MATURITY
MORTGAGE a long-term mortgage loan, under which the interest
rate may be adjusted periodically. Payment levels remain the
same but the loan maturity is lengthened or shortened to achieve
the adjustment.
VARIABLE-PAYMENT
PLAN any mortgage repayment schedule that provides for periodic
change in the amount of monthly payments. Changes may occur as
a result of: the expiration of an interest-only period (flexible
payment mortgage), a planned step-up in payments (graduated payment
mortgage), or a change in the interest rate due to fluctuation
in an index (variable-rate mortgage).
VARIABLE-RATE
MORTGAGE (VRM) a long-term mortgage loan applied to residences,
under which the interest rate may be adjusted on a 6- month basis
over the term of the loan. Rate increases are restricted to no
more than X point per year and 2X points over the term.
VARIANCE
permission granted by a zoning authority to a property owner
to allow for a specified violation of the zoning requirements.
Variances are generally granted when compliance is impossible
without rendering the property filely unusable.
VENDEE
a buyer. Generally used for real estate; one who purchases personal
property is usually called the buyer.
VENDEE'S
LIEN a lien against property under a contract of sale, to secure
the deposit paid by a purchaser.
VENDOR
a seller, usually of real estate. The term seller is commonly
used for personal property.
VENEER
wood or brick exterior that covers a less attractive and less
expensive surface.
VENTURE
CAPITAL money raised for high-risk investments.
VERIFICATION
sworn statements before a duly qualified officer that the contents
of an instrument are correct.
VEST
to create an entitlement to a privilege or right.
VETERANS
ADMINISTRATION (VA) an agency of the federal government that
provides services for eligible veterans. Generally, a veteran
who has served (beyond basic training) more than 120 days active
duty in the armed forces is eligible for a home loan with no
down payment. Address: Veterans Administration 810 Vermont Avenue
Washington, DC 20420
VIOLATION
an act or a condition contrary to law or to permissible use of
real property.
VOID
having no legal force or effect; unenforceable.
VOIDABLE
capable of being voided, but not void unless action is taken
to void it. A contract to real estate entered into by a minor
is voidable only by the minor. .
VOLUNTARY
ALIENATION legal term that describes a sale or gift made by the
free will of the seller or donor
VOLUNTARY
LIEN a debt that the property owner agrees to have recorded.
Typically a mortgage.
VRM
variable-rate mortgage.
|
Home
