Real Estate
Glossary
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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.