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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