Real Estate Dictionary

V

VA

See: Department of Veterans Affairs.

VA ESCAPE CLAUSE

A clause stating that the buyer (borrower) shall not be obligated to buy nor shall any deposit be lost if the appraisal is less than the agreed upon amount.

VA LOAN

See: VA Mortgage.

VA MORTGAGE

A loan guaranteed by The Department of Veterans Affairs. These loans are restricted to eligible veterans and require little or no down payment.

VA MORTGAGE FUNDING FEE

A closing cost either paid in full at closing or financed. It is one of the costs to obtain a VA guaranteed loan.

VACANCY

A place which is empty (vacant). The term is generally used to describe a property available for rent.

VACANCY FACTOR

The estimated percentage of vacancies in a rental project. May be based on past records of the property, or a professional guess if a new project. Surrounding area buildings, if similar, may be used for comparison.

VACANCY RATE

See: Vacancy Factor.

VACANT LAND

Land without buildings. May or may not have improvements, such as grading, sewers, etc.

VACATE

(1) To move out. (2) A legal term meaning to set aside or annul, as to vacate a judgment.

VALID

Legally binding. Properly carried out in accordance with legal procedures.

VALLEY

(1) The concave angle formed by the two sloping sides of a roof. (2) Low land between hills or mountains.

VALLEY FLASHING

Waterproofing (flashing) applied to the concave joint (valley) of a roof.

VALLEY RAFTER

A rafter (beam) which forms the apex of the interior angle of a valley roof.

VALLEY ROOF

A roof, the exterior surface of which forms a concave angle, having the edges higher than the center.

VALUABLE CONSIDERATION

A legal term meaning any consideration sufficient to support a contract. The word "valuable" does not mean of great value but merely having value.

VALUATION

The estimating of value. Appraisal.

VALUATOR

See: Appraiser.

VALUE

(1) The usefulness of an object. (2) The monetary worth of an object. (3) A shortening of the term valuable consideration, as in a purchaser "for value".

VALUE AFTER THE TAKING

In the case of a partial taking under eminent domain, the value of the part not taken.

VALUE BEFORE THE TAKING

The market value of a property before condemnation.

VALUE IN PLACE

The market value of an improvement in place, as opposed to value in use.

VALUE IN USE

(1) The value to a specific owner of a property or improvement. Usually much greater than market value. (2) The value of a property for a specific use. Also called Use Value.

VALVE

A device, operated automatically or manually, to regulate the flow of a gas or liquid, or to prevent the return of the gas or liquid to its source.

VAPOR BARRIER

The placing of moisture retarding material, such as paints, foil, treated paper, etc., on or in walls to prevent condensation.

VARA

A Spanish or Portuguese unit of measure of approximately 33 inches.

VARIABLE INTEREST RATE

An interest rate which fluctuates as the prevailing rate moves up or down. In mortgages there are usually maximums as to the frequency and amount of fluctuation. Also called "flexible interest rate".

VARIABLE OPERATING EXPENSES

Those expenses which vary (usually with occupancy). Example: Maintenance costs vary with the number of units occupied. Property taxes are fixed under the same conditions.

VARIABLE PRICE RANGING

Pricing property within a price range rather than at an exact price. The ranges are published in local newspapers and each range is assigned a number. The number corresponding to a particular property is displayed on the "for sale" sign. A prospective buyer can look at the sign and know the approximate amount (the range) that the seller expects to be offered.

VARIABLE RATE MORTGAGE

See: Adjustable Mortgage Loan.

VARIANCE

Change of a portion of zoning requirements without changing the zoning.

VARNISH

A finish for wood which gives a transparent protective covering. Composed of resins dissolved in oil.

VAULT

(1) An arched ceiling or roof. (2) A room or enclosure used for the storage of valuables.

VENDEE

Purchaser or buyer, especially on a land contract.

VENDOR

The person who transfers property by sale. Another word for "seller". Commonly used in land contract sales.

VENEER

Thin sheets of wood or other material, such as brick, usually covering less costly material.

VENEERED CONSTRUCTION

The placing of a facing material over the external surface of a structure.

VENT

An opening, usually a pipe or duct, which allows the passage of air or gas to release undesirable fumes from a building.

VENT PIPE

A pipe used for the elimination of sewer gases by allowing these gases to move from plumbing fixtures to a vent stack.

VENT STACK

A small chimney-like stack allowing ventilation through a roof.

VENTILATION

A system, natural or artificial, of providing fresh air circulation through a structure.

VENTURE CAPITAL

An equity investment, usually connoting risk.

VENUE

(1) The county (or other geographical division) in which an action or prosecution is brought for trial and which is to furnish the panel of jurors. (2) The county in which an acknowledgement (notarization) is made.

VERANDA

An open porch alongside a building. Usually covered by a roof for protection from the sun or rain.

VERGEBOARD

See: Barge-board.

VERIFICATION

Confirmation of truth, correctness, or authenticity. Done by affidavit, oath, or deposition, all of which require sworn statements.

VERIFICATION OF DEPOSIT (VOD)

A written request (form) sent to a financial institution to check the accuracy of information supplied by a potential borrower on a loan application regarding the amount of the borrower's funds.

VERIFICATION OF EMPLOYMENT (VOE)

A written request (form) sent to an employer to check the accuracy of information supplied by a potential borrower on a loan application regarding the borrower's employment history.

VERIFICATION OF MORTGAGE

A written request (form) sent to a mortgagee to check the accuracy of information supplied by a potential borrower on a loan application regarding the payment history and amount owing on the borrower's existing mortgage.

VERIFS

A slang term to describe the verifications required by a lender. See: Verification Of Deposit; Verification Of Employment; Verification of Mortgage.

VERIFY

To confirm, substantiate, or prove to be true.

VERTICAL

Up and down. Perpendicular to the surface of the Earth.

VEST

To give an immediate interest, as opposed to a contingent or future interest.

VESTED

Present ownership rights, absolute and fixed. Modernly, ownership rights, even though on a land contract or subject to a mortgage or deed of trust.

VESTED REMAINDER

A remainder interest which is certain. See: Remainder; Contingent Remainder.

VETERAN'S ADMINISTRATION (V.A.) LOANS

Housing loans to veterans by banks, savings and loans, or other lenders which are insured by the Veteran's Administration, enabling veterans to buy a residence with little or no down payment.

VETERAN'S TAX EXEMPTION

A state exemption for property taxes granted qualified veterans or their widows. Not in every state.

VICINAGE

(1) A neighborhood, vicinity. (2) A legal term signifying the county where a trial is held.

VILLA LOT

A term of no legal significance, used to describe a large lot upon which would be built an expensive house.

VILLAGE

A small community.

VIOLATION

Breach of any law or agreement.

VISUAL RIGHTS

The right to be able to see clearly as a general welfare right taking priority over a property right. Example: Restriction of structures or trees, shrubs, etc., at intersections if visibility is restricted as to cause a danger.

VITAL STATISTICS

Data regarding births, deaths, marriages, health records, etc., and usually kept by a governmental bureau. Federally, the Bureau of Vital Statistics.

VITREOUS

Relating to or resembling glass. Glassy.

VITRIFIED TILE

Clay pipes used in a disposal field.

VOD

See: Verification Of Deposit.

VOID

Having no legal force or binding effect.

VOIDABLE

May be voided, but not void in itself.

VOLT

A term in electronics, being the force necessary to cause one ampere to flow through a conductor with a resistance of one ohm. Common household current is 110 volts, with a 220 volt circuit used for some heavy appliances. Industrial uses may require higher voltage.

VOLUNTARY LIEN

A lien placed against real property by the voluntary act of the owner. Most commonly, a mortgage or deed of trust.

VOM

See: Verification Of Mortgage.

VOUCHER SYSTEM

Payment of subcontractors by issuing vouchers that are redeemed by the construction lenders. The purpose is to make sure that payment reaches the subcontractors and avoids mechanic's liens.

VPR

See: Variable Price Ranging.