Real Estate Dictionary Terms - V
VA Loan
This loan does not contain a "due on sale " clause.
VA Mortgage
A mortgage that is guaranteed by the Department of Veterans Affairs
(VA).
Valid
Legally sufficient and authorized by law. Having force or binding
force. Fully effective at law; legally suffice.
Valid Contract
Legally binding; authorized.
Valley
The internal angle formed by the junction of two sloping sides of
a roof.
Valuation
Estimated worth or price. The act of valuing by appraisal.
Variable Interest Rate
An interest rate that fluctuates in a set proportion to changes in
an economic index, such as the cost of money. Extensive regulations
cover use of VIRs in loans on residential property.
Variance
An exception or departure from the general rule. An exception granted
to a property owner, relieving him from obeying certain aspects of
a zoning ordinance. Its granting is discretionary with the zoning
authorities and is based on undue hardship suffered by the property
owner because of unique circumstances affecting his property. An
indulgence granted by a local zoning commission or authority to allow
a non-conforming use of a property to continue.
Vendee
Purchaser or buyer or real property.
Vendor
Seller of real property.
Veneer
Thin sheets of wood placed over another material.
Vent
A pipe installed to provide a flow of air to or from a drainage system
or to provide a circulation of air within such system to protect
trap seals from siphonage and back pressure.
Venue
The location in which a cause of action occurs; it determines the
court having jurisdiction to hear and decide the case. For real estate,
the court having proper venue is one in the county in which the property
is located.
Verification
A sworn statement before a duly qualified officer as to the correctness
of the contents of an instrument. Written certification under oath
and/or penalty of perjury, confirming the truth of the facts in a
document.
Versus
Against (abbreviated v. or vs.). Used in case names, with the plaintiff's
name given first.
Vested
Having the right to use a portion of a fund such as an individual
retirement fund. For example, individuals who are 100 percent vested
can withdraw all of the funds that are set aside for them in a retirement
fund. However, taxes may be due on any funds that are actually withdrawn.
Bestowed upon someone, such as title to property. Absolute, not contingent
or subject to being defeated.
Veterans Administration (VA)
An agency of the federal government that guarantees residential mortgages
made to eligible veterans of the military services. The guarantee
protects the lender against loss and thus encourages lenders to make
mortgages to veterans.
Veteran's Exemption
A deduction from the annual property tax allowed to a qualified veteran
residing on residential propery. Since July 1978, it has amounted
to $40 off the normal tax bill.
Void
To have no legal force or effect;that which is unenforceable. Unenforceable,
null, having no legal effect.
Voidable
An instrument that appears to be valid and enforceable on its face
but is, in fact, lacking some essential requirement. May be declared
void,?but is valid unless and until declared void.
Voidable Contract
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
Any lien placed on property with the consent of the owner or as a
result of the voluntary act of the owner. A claim that is recorded/registered
with the consent of the owner.
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