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VA – See Veterans’ Administration.

VA loan – A loan made to qualified veterans to purchase real property where in the event of default the Department of Veteran’s Affairs guarantees the lender repayment.

Vacancy factor – The percentage of a building’s space that is not rented compared to its whole over a stated period of time.

Vacancy rate – The percentage of the units currently unoccupied in a building, city, neighborhood, or complex. See Occupancy rate.

VA-guaranteed mortgage – A mortgage to a veteran that is guaranteed by the Veterans’ Administration for an amount not in excess of the VA’s appraised value of the property.

Valid – An act, deed, will or the like which is good because it has received all the formalities required by law and has the force or a binding force that is legally sufficient and authorized by law.

Valid contract – A contract that complies with the four essential elements of a contract – capacity, consent, consideration and lawful object – and which is binding and enforceable by all of its parties.

Valley – The internal angle formed by the junction of two sloping sides of a roof.

Valuation – The estimated worth, price or the estimation thereof or the act of valuing a property by appraisal.

Value – The present worth of future benefits arising out of ownership to a typical user or investor.

Value analysis – The estimation of the present worth of the future benefits to be derived from a investment in property.

Value calculation – The estimation of the value to be recognized by buyers, sellers, lenders and renters in the marketplace.

Value figure – A formula used to determine how much capital to invest in the property under consideration.

Value for a purpose – The theory that in real estate, emphasis must be placed on different value factors depending upon the purpose of the valuation and as to the use for which the property is being considered.

Value in exchange – The objective price an investment asset is predicted to bring based upon comparable market transactions. See opposite Value in use.

Value in use – The subjective price an investor would pay based on his or her own personal opinion as to the merit of an investment in an asset in order to be able to use it. See opposite Value in exchange.

Value of property – The usefulness of the property relative to its scarcity.

Variable interest rate – An interest rate that fluctuates with the current cost of money; subject to adjustment if the prevailing rate moves up or down. See Variable Rate Mortgage.

Variable interest rate loan – See Variable Rate Mortgage.

Variable Rate Mortgage, VRM – A real estate loan under which the terms of the note permit the interest rate to vary upward or downward over the term of the loan depending on current money market conditions.

Variance – An approval generally granted by a Board of Zoning Appeals to improve or develop a specific property in a manner that is not authorized by the current zoning ordinance. See Conditional use permit.

Vendee – A purchaser or buyer.

Vendor – A seller.

Vendor’s lien – A lien implied to belong to a vendor for the unpaid and unsecured part of a purchase price of property when no other lien has been taken or securied by anything other than the personal obligation of the purchaser.

Veneer – The thin sheets of wood of high quality glued over wood of normally a lower quality.

Vent – A pipe installed to provide a flow of air to or from a drainage system or to provide for the circulation of air within such a system to protect trap seals from siphonage and back-pressure.

Venue – 1. The appropriate forum or county in which a lawsuit may be filed or tried. 2. The heading of a legal document showing the state and county to which it refers. 3. A neighborhood. 4. The county or place in which an acknowledgment is made before a notary.

Verbal – Something spoken or presented by word of mouth and also known as oral or parol.

Verification – A sworn statement before a duly qualified officer as to the correctness of the contents of an instrument.

Verified – That which is confirmed or substantiated by an oath.

Vested – That which is bestowed upon or secured by someone such as title to property.

Vesting – The names, status and manner in which title of ownership is held with a fixed or determinable interest in a particular parcel of real property and also that portion of a title report or policy setting forth the those facts.

Veterans’ Administration, VA – A department of the federal government that among other activities guarantees loans made to veterans.

Void – Something that is not good, is empty, has no force or effect and is unenforceable.

Void contract –An agreement that is not good and is entirely null and non-binding on either party and which cannot be ratified because it lacks at least one of the four essential elements of a valid contract.

Voidable – That which is capable of being adjudged void in a court of law but which is not in and of itself void unless and until some action is taken to have it declared void.

Voidable contract – An agreement that is capable of being made void but is not null and void and so it must be either confirmed or voided.

Volume – The amount of space that an object occupies in three dimensional space.

Voluntary alienation – See Alienation.

Voluntary lien – A lien placed on property with the consent of or as a result of a consious act of an owner.

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Categories: Real Estate Words Glossary