| Real Estate Dictionary - Real Estate Terminology - Real Estate Definitions - Glossary of Commonly Used Real Estate Terms | |||||||||||||||||||||||||||||||||||||||||||
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V Va See Department of Veteran's Affairs Va Loan A loan on below market terms guaranteed by the Department
of Veterans Affairs, given to former members of the armed
forces. Vacancy Rate The calculation of the percentage of all available rental units
in a particular area that are not occupied. Vacant Land Land that may be improved and developed but is not currently in
use. Vacate To leave or move out of a premises. Vacation Home An occasional-use property, often in a resort area (ski, sun,
ocean), which may be rented out by the owner to other vacationers
while not in use by the owner. Valid Legally binding; authorized. Valuation The estimation of the worth or sale price of an asset. Variable Expenses Operating costs of a property which are not fixed, which change
as a result of certain contingencies, such as percentage occupation
of the property, type of use of the property, perhaps even the
season of the year (for heating and air conditioning
costs). Variable Interest Rate An interest rate that may change according to change in the index
rate. Variable-Maturity Mortgage A long-term loan in which the date the balance is due may be
changed to adjust the level of periodic payments. Variance An indulgence granted by a local zoning commission or authority
to allow a non-conforming use of a property to continue. The zoning
bylaw or ordinance is actually amended as it pertains to the
particular property. Vendor Seller. Purchasee. Vendor And Purchaser
Application Also known as "V&P Application". The bringing before a court
in Ontario of any dispute between parties to an Agreement of
Purchase and Sale with regard to the terms of the Agreement. Named
after the Vendors and Purchasers Act, the statute which sets out the
procedure for such an application. Veneer Any kind of thin wood or brick finish which is attached to the
exterior of an item, be it a wall or a piece of furniture. Vest To become the property of someone through action of
law. Violation Any breach of a contract, rule, law or ordinance. Void Null, not legally enforceable. Voidable A contract that may be treated as legally unenforceable at the
option of a party (usually the injured party) but remains
enforceable until that party exercises her option. Voluntary Alienation Transfer of title to an asset with the consent of the
owner. Voluntary Lien A claim that is recorded/registered with consent of the
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