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Real Estate Dictionary V
"VA" - "voluntary lien"
We try to provide as much information as possible to buyers of Ocala Real Estate. These terms and definitions apply pretty much nation wide, and we try to update with terms specifically relating to Florida Real Estate as soon as we come across something we've missed. We welcome your comments and suggestions!
VA:
See Department of Veterans 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:
Having force, or binding force; legally sufficient and authorized by law.
VALUATION:
Estimated worth or price. Estimation. The act of valuing by appraisal.
VALUE:
The amount that a property is worth.
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 in a loan which can be changed upon the happening of a
certain event.
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.
VARIABLE RATE MORTGAGE:
See ADJUSTABLE RATE MORTGAGE.
VARIANCE:
A rezoning of a single parcel.
VENDEE:
A purchaser, buyer.
VENDOR:
A seller; one who disposes of a thing in consideration of money.
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.
VENDOR TAKE BACK MORTGAGE:
See MORTGAGE BACK.
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.
VERIFICATION:
Sworn statement before a duly qualified officer to correctness of
contents of an instrument.
VEST:
To become the property of someone through action of law.
VESTED:
Bestowed upon someone; secured by someone, such as title to property.
VETERANS ADMINISTRATION:
The federal agency who administers G.I. loans.
VIOLATION:
Any breach of a contract, rule, law or ordinance.
VOID:
To have no force or effect; that which is unenforceable.
VOIDABLE:
That which is capable of being adjudged void, but is not void unless
action is taken to make it so.
VOLUNTARY
ALIENATION:
Transfer of title to an asset with the consent of the owner.
VOLUNTARY LIEN:
Any lien placed on property with consent of, or as a result of, the
voluntary act of the owner.