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Find
the meaning of all the key terms used in Real Estate Vocabulary. Click on
the corresponding letter to find the word, which are all listed in
alphabetical order. We hope this service helps you further.
Select
the Letter that Correspond to the word
VA:
See Department of
Veteran's Affairs and related entries.
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.
See "adjustable
interest 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.
VARIABLE
RATE MORTGAGE (VRM):
See "adjustable
rate mortgage".
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.
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.
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 owner.
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