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Real Estate Dictionary/Glossary A,
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N.B. This glossary is provided with the understanding that the author is not
providing any legal, or other professional services. If legal or real estate
advice is required, the services of a competent professional person should be
sought.
Valid Contract
A contract that complies with all the essentials of a contract and is binding
and
enforceable with all associated parties. (See contract)
VA Loan
A government-sponsored mortgage assistance program administered by the
Department of
Veterans Affairs. Under the Servicemen's Readjustment Act of 1944, eligible
veterans and
widows or widowers (who have not re-married) of veterans who died in service or
from
service-connected causes may obtain partially guaranteed loans for the purchase
or
construction of a house or to refinance existing mortgage debt.
Value
The measure of the monetary equivalent of a property. The four essential
elements of value
are utility, scarcity, demand and transferability. Cost does not equal value nor
does
equity.
There are various types of value, such as market value, tax assessed value, book
value,
insurance value, use value, par value, rental value and replacement value. By
far, the type
of value used for the largest number of real estate transactions is market
value.
Value in Exchange
The market value of a property.
Value in Use
The value of a property as used for a specific purpose.
Vapour Retarders
Special materials used in the installation of thermal insulation to reduce the
passage of
water vapour. These materials include treated papers, plastic sheets, and
metallic foils.
Variable Costs
Operating expenses that fluctuate with occupancy, such as utilities and
maintenance costs.
Variable Lease
Allows for increases in the rental charges during the lease period. One of the
more common
is the graduated lease which provides for specified rent increases at set future
dates.
Another is the index lease, which allows rent to be increased or decreased
periodically
based on changes in the consumer price index or some other indicator.
Variance
Permission obtained from governmental zoning authorities to build a structure or
conduct a
use that is expressly prohibited by the current zoning lows; an exception from
the zoning
laws. A variance gives some measure of elasticity to the zoning game.
Variate
A single item in a group.
Vendee
The purchaser of realty; the buyer. The buyer under a land contract.
Vendor
The seller of realty. The seller under a land contract. In some cases, the
vendor may not be
the owner--he or she might be the holder of an option.
Verification
Confirmation under oath of the truthfulness of a statement.
Veteran's Administration (VA)
Federal agency providing assistance to veterans, including the guarantee of VA
mortgage
loans.
Veteran's Exemption
California war veterans may receive a $4,000 exemption on the full cash value of
their
homes.
Void
Having no legal force or binding effect; a nullity; not enforceable. A void
agreement is no
contract at all. A void contract need not be disaffirmed, nor can it be
ratified. A contract
for an illegal purpose (for example, gambling) is void. A voidable contract is
one that is
able to be voided. Voidable implies a valid act that may be rejected by an act
of
disaffirmance, rather than an invalid act that may be confirmed. For example, if
a minor
contracts to buy a diamond ring, the contract can be voided by the minor because
of lack of
sufficient age. If, however, the minor elects to enforce the contract, the
contract is valid
and the other party cannot assert the minor's lack of age as a defence.
Voidable Contract
A contract that seems to be valid on the surface but may be rejected or
disaffirmed by one
or both of the parties.
Volatile Organic Compounds
Carbon compounds that tend to be emitted as gases into the air. Organic
chemicals are widely
used as ingredients in household products. Paints, varnishes, and wax all
contain organic
solvents, as do many cleaning, disinfecting, cosmetic, degreasing, and hobby
products. Fuels
are made up of organic chemicals. All of these products can release organic
compounds while
in use or in storage.
Voluntary Conveyance
Voluntarily signing over to a lender the property pledged as collateral on a
defaulted loan.
(See deed in lieu of foreclosure)
Voluntary Lien
A lien placed on property with the knowledge and consent of the property owner.
(See lien)
Real Estate Dictionary/Glossary A,
B,
C,
D,
E,
F,
G,
H,
I,
J,
K,
L,
M,
N,
O,
P,
Q,
R,
S,
T,
U,
V,
W,
X,
Y,
Z
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