Real Estate Glossary

Letter V

VASee: Department of Veterans Affairs.

VacancyA place which is empty (vacant). The term is generally used to describe a property available for rent.

Vacancy And Collection LossesEstimate as to how much future income may be lost when a building isn't fully occupied or tenants don't pay rent.

Vacancy FactorThe estimated percentage of vacancies in a rental project. May be based on past records of the property, or a professional guess if a new project. Surrounding area buildings, if similar, may be used for comparison.

Vacancy RateSee: Vacancy Factor.

Vacant LandLand without buildings. May or may not have improvements, such as grading, sewers, etc.

Vacate(1) To move out. (2) A legal term meaning to set aside or annul, as to vacate a judgment.

VA Escape ClauseA clause stating that the buyer (borrower) shall not be obligated to buy, nor shall any deposit be lost if the appraisal is less than the agreed upon amount.

ValidLegally binding. Properly carried out in accordance with legal procedures.

Valid ContractA contract that complies with all the essential elements on a contract and is binding and enforceable on all parties to it.

Valid LeaseAn enforceable lease that has the following essential parts: lessor and lessee with contractual capacity, offer and acceptance, legality of object, description of the premises, consideration, signatures, and delivery. Leases for more than one year also must be in writing.

Valley(1) The concave angle formed by the two sloping sides of a roof. (2) Low land between hills or mountains.

Valley FlashingWaterproofing (flashing) applied to the concave joint (valley) of a roof.

Valley RafterA rafter (beam) which forms the apex of the interior angle of a valley roof.

Valley RoofA roof, the exterior surface of which forms a concave angle, having the edges higher than the center.

VA LoanSee: VA Mortgage.

Valuable ConsiderationA legal term meaning any consideration sufficient to support a contract. The word "valuable" does not mean of great value but merely having value.

ValuationThe estimating of value. Appraisal.

ValuatorSee: Appraiser.

ValueThe present worth of future benefits arising from the ownership of real property. To have value, a property must have utility, scarcity, effective demand, and transferability.

Value After The TakingIn the case of a partial taking under eminent domain, the value of the part not taken.

Value Before The TakingThe market value of a property before condemnation.

Value In PlaceThe market value of an improvement in place, as opposed to value in use.

Value In Use(1) The value to a specific owner of a property or improvement. Usually much greater than market value. (2) The value of a property for a specific use. Also called Use Value.

ValveA device, operated automatically or manually, to regulate the flow of a gas or liquid, or to prevent the return of the gas or liquid to its source.

VA Mortgage Funding FeeA closing cost either paid in full at closing or financed. It is one of the costs to obtain a VA guaranteed loan.

Vapor BarrierThe placing of moisture retarding material, such as paints, foil, treated paper, etc., on or in walls to prevent condensation.

VaraA Spanish or Portuguese unit of measure of approximately 33 inches.

Variable ExpenseExpenses that are not consistent and regular amounts, and depend on issues including the type, size, age, and condition of aproperty.

Variable Interest RateAn interest rate which fluctuates as the prevailing rate moves up or down. In mortgages there are usually maximums as to the frequency and amount of fluctuation. Also called "flexible interest rate".

Variable Operating ExpensesThose expenses which vary (usually with occupancy). Example: Maintenance costs vary with the number of units occupied. Property taxes are fixed under the same conditions.

Variable Price RangingPricing property within a price range rather than at an exact price. The ranges are published in local newspapers, and each range is assigned a number. The number corresponding to a particular property is displayed on the "for sale" sign. A prospective buyer can look at the sign and know the approximate amount (the range) that the seller expects to be offered.

Variable Rate MortgageA mortgage loan that contains an interest rate provision related to a selected index. Under this provision, the interest rate may be adjusted annually either up or down.

VarianceAn exception from the zoning ordinances; permission granted by zoning authorities to build a structure or conduct a use that is expressly prohibited by zoning ordinance.

VarnishA finish for wood which gives a transparent protective covering. Composed of resins dissolved in oil.

Vault(1) An arched ceiling or roof. (2) A room or enclosure used for the storage of valuables.

VendeePurchaser or buyer, especially on a land contract.

VendorThe person who transfers property by sale. Another word for "seller". Commonly used in land contract sales.

Vendor’s LienA lien to secure payment of thepurchase price balance, held by a real estateseller if the buyer does not pay the seller in fullat closing (unless the buyer gives the seller amortgage for the balance).

VeneerThin sheets of wood or other material, such as brick, usually covering less costly material.

Veneered ConstructionThe placing of a facing material over the external surface of a structure.

VentAn opening, usually a pipe or duct, which allows the passage of air or gas to release undesirable fumes from a building.

VentilationA system, natural or artificial, of providing fresh air circulation through a structure.

Vent PipeA pipe used for the elimination of sewer gases by allowing these gases to move from plumbing fixtures to a vent stack.

Vent StackA small chimney-like stack allowing ventilation through a roof.

Venture CapitalAn equity investment, usually connoting risk.

Venue(1) The county (or other geographical division) in which an action or prosecution is brought for trial and which is to furnish the panel of jurors. (2) The county in which an acknowledgement (notarization) is made.

VerandaAn open porch alongside a building. Usually covered by a roof for protection from the sun or rain.

VergeboardSee: Barge-board.

VerificationConfirmation of truth, correctness, or authenticity. Done by affidavit, oath, or deposition, all of which require sworn statements.

Verification Of Deposit (VOD)A written request (form) sent to a financial institution to check the accuracy of information supplied by a potential borrower on a loan application regarding the amount of the borrower's funds.

Verification Of Employment (VOE)A written request (form) sent to an employer to check the accuracy of information supplied by a potential borrower on a loan application regarding the borrower's employment history.

Verification Of MortgageA written request (form) sent to a mortgagee to check the accuracy of information supplied by a potential borrower on a loan application regarding the payment history and amount owing on the borrower's existing mortgage.

VerifsA slang term to describe the verifications required by a lender. See: Verification Of Deposit; Verification Of Employment; Verification of Mortgage.

VerifyTo confirm, substantiate, or prove to be true.

VerticalUp and down. Perpendicular to the surface of the Earth.

VestTo give an immediate interest, as opposed to a contingent or future interest.

Vested RemainderA remainder interest which is certain. See: Remainder; Contingent Remainder.

Veteran's Administration (VA) LoansHousing loans to veterans by banks, savings and loans, or other lenders which are insured by the Veteran's Administration, enabling veterans to buy a residence with little or no down payment.

Veteran's Tax ExemptionA state exemption for property taxes granted qualified veterans or their widows. Not in every state.

VetoWhen the president or governor formally rejects a bill that Congress or the legislature has passed. The bill will not become law unless the legislature votes to override the veto.

Vicarious LiabilityWhen one person is responsible for the actions of another.

Vicinage(1) A neighborhood, vicinity. (2) A legal term signifying the county where a trial is held.

VillageA small community.

Village Board Of TrusteesServe as the primary governing bodies of New York villages.

Villa LotA term of no legal significance, used to describe a large lot upon which would be built an expensive house.

ViolationBreach of any law or agreement.

Visual RightsThe right to be able to see clearly as a general welfare right taking priority over a property right. Example: Restriction of structures or trees, shrubs, etc., at intersections if visibility is restricted as to cause a danger.

Vital StatisticsData regarding births, deaths, marriages, health records, etc., and usually kept by a governmental bureau. Federally, the Bureau of Vital Statistics.

VitreousRelating to or resembling glass. Glassy.

Vitrified TileClay pipes used in a disposal field.

VODSee: Verification Of Deposit.

VoidHaving no legal force or binding effect.

VoidableMay be voided, but not void in itself.

Voidable ContractA contract that one of the parties can disaffirm, without liability, because of a lack of legal capacity or a negative factor such as fraud or duress.

Void ContractA contract that is not an enforceable contract because it lacks one or more of the requirements for contract formation, or is defective in some other respect.

VoltA term in electronics, being the force necessary to cause one ampere to flow through a conductor with a resistance of one ohm. Common household current is 110 volts, with a 220 volt circuit used for some heavy appliances. Industrial uses may require higher voltage.

VoltageA measure of the force that pushes electricity through a wire.

Voluntary Affirmative Marketing Agreements(VAMA)These programs are designed to affirmatively promote fair housing to all homeseekers through a series of commitments and shared responsibilities.

Voluntary AlienationWhen title to property is transferred voluntarily through a sale, gift, dedication, or grant.

Voluntary ConveyanceWhen a debtor returns property to the lender in lieu of foreclosure. Generally, the debtor does not receive any compensation for surrendering title to the property, but does avoid foreclosure.

Voluntary LienA lien placed against real property by the voluntary act of the owner. Most commonly, a mortgage or deed of trust.

Voluntary PartitionWhen co-owners agree to terminate their co-ownership, dividing the property so each owns a piece of the property in severalty.

VOMSee: Verification Of Mortgage.

Voucher SystemPayment of subcontractors by issuing vouchers that are redeemed by the construction lenders. The purpose is to make sure that payment reaches the subcontractors and avoids mechanic's liens.

VPRSee: Variable Price Ranging.