Real Estate Dictionary

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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.

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