VACANCY FACTOR/RATE
- The estimated percentage of vacancies in a rental project. Derived
from historic records, a professional guess, or from the average of
surround buildings.
VALID - Legally
binding. Carried out properly in accordance with legal procedures.
VA LOAN - A home
loan guaranteed by the Department of Veterans Affairs. Enables a
veteran to buy a home with no money down.
VALUATION - The
estimating of value. Appraisal. Assessment.
VALUE - The monetary
value of an object. What a ready-willing-and-able buyer would pay.
VARIABLE INTEREST RATE
- An interest rate that fluctuates as the prevailing rate moves up or
down. In mortgages there are usually maximums as to the amount and
frequency that rate can change. Most have lifetime caps.
VENDEE - Buyer of a
land contract.
VENDOR - Seller of
property. Commonly used term in land contracts.
VERIFY - To confirm.
VETERAN'S ADMINISTRATION (VA)
LOANS
- Housing loans to veterans by banks, savings an loans, insurance
companies and other lenders that are insured by the Veterans
Administration, enabling veterans to buy a home with little or nothing
down.
VOD - Verification
of Deposit.
VOID - Having no
legal force. Cancelled.
VOLUNTARY LIEN - A
lien placed against real property by the voluntary act of the owner.
Most common in mortgages or deed of trusts.
VOM - Verification
of Mortgage.