VA Veterans Administration.
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VACANCY RATE the percentage of all units or space that is unoccupied or not rented.
On a pro-forma income statement a projected vacancy rate is used to estimate the vacancy
allowance, which is deducted from potential gross income to derive effective gross income.
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VACANT LAND land not currently being used. May have utilities and off-site
improvements. Contrast with raw land.
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VACATE to move out.
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VACATION HOME a dwelling used by the owner occasionally for recreational or resort
purposes. It may be rented to others for a portion of the year. Income tax deductions
pertaining to vacation homes depend on the frequency of use by the owner. Generally, a
business loss cannot be claimed on a vacation home.
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VALID having legally binding force; legally sufficient and authorized by law.
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VA LOAN home loan guaranteed by the U.S. Veterans Administration (VA) under the
Servicemen's Re-adjustment Act of 1944 and later. The VA guarantees restitution to the
]ends the event of default. The guaranty is 60% of the loan, but not more than $27,500.
Home must be a principal residence.
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VALUABLE CONSIDERATION a type of promised payment upon which a promisee can enforce
a claim against an unwilling promisor. Includes money, extension of time, and other
equivalents for the grant. Distinguished from good consideration, which may be love and
affection toward a relative, generosity, and the like.
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VALUATION 1. estimated worth or price. 2. the act of estimating the worth of a
thing.
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VARA a measurement or unit of length.
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VARIABLE EXPENSES property operating costs that increase with occupancy.
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VARIABLE INTEREST RATE an amount of compensation to a lender that is allowed to
vary over the maturity of a loan. The amount of variation is generally governed by an
appropriate index.
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VARIABLE-MATURITY MORTGAGE a long-term mortgage loan, under
which the interest rate may be adjusted periodically. Payment levels remain the same but
the loan maturity is lengthened or shortened to achieve the adjustment.
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VARIABLE-PAYMENT PLAN any mortgage repayment schedule that provides for periodic
change in the amount of monthly payments. Changes may occur as a result of: the expiration
of an interest-only period (flexible payment mortgage), a planned step-up in payments
(graduated payment mortgage), or a change in the interest rate due to fluctuation in an
index (variable-rate mortgage).
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VARIABLE-RATE MORTGAGE (VRM) a long-term mortgage loan applied to residences, under
which the interest rate may be adjusted on a 6- month basis over the term of the loan.
Rate increases are restricted to no more than X point per year and 2X points over the
term.
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VARIANCE permission granted by a zoning authority to a property owner to allow for
a specified violation of the zoning requirements. Variances are generally granted when
compliance is impossible without rendering the property virtually unusable.
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VENDEE a buyer. Generally used for real estate; one who purchases personal property
is usually called the buyer.
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VENDEE'S LIEN a lien against property under a contract of sale, to secure the
deposit paid by a purchaser.
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VENDOR a seller, usually of real estate. The term seller is commonly used for
personal property.
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VENEER wood or brick exterior that covers a less attractive and less expensive
surface.
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VENTURE CAPITAL money raised for high-risk investments.
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VERIFICATION sworn statements before a duly qualified officer that the contents of
an instrument are correct.
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VEST to create an entitlement to a privilege or right.
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VETERANS ADMINISTRATION (VA) an agency of the federal government that provides
services for eligible veterans. Generally, a veteran who has served (beyond basic
training) more than 120 days active duty in the armed forces is eligible for a home loan
with no down payment. Address: Veterans Administration 810 Vermont Avenue Washington, DC
20420
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VIOLATION an act or a condition contrary to law or to permissible use of real
property.
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VOID having no legal force or effect; unenforceable.
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VOIDABLE capable of being voided, but not void unless action is taken to void it. A
contract to real estate entered into by a minor is voidable only by the minor. .
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VOLUNTARY ALIENATION legal term that describes a sale or gift made by the free will
of the seller or donor
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VOLUNTARY LIEN a debt that the property owner agrees to have recorded. Typically a
mortgage.
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VRM variable-rate mortgage.
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