REAL ESTATE TERMS

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VACANCY FACTOR: The percentage of a building's space that is not rented over a given period.

VALID: Having force, or binding force; legally sufficient and authorized by law.

VALLEY: The internal angle formed by the junction of two sloping sides of a roof.

VALUATION: Estimated worth or price. Estimation. The act of valuing by appraisal.

VA LOAN: A loan made to qualified veterans for the purchase of real property wherein the Department of Veteran's Affairs guarantees the lender payment of the mortgage.

VALUE: Present worth of future benefits arising out of ownership to typical users/investors.

VARIABLE INTEREST RATE: (VlRs or VMRs, Variable Mortgage Rates.) An interest rate in a real estate loan which by the terms of the note varies upward and downward over the term of the loan depending on money market conditions.

VENDEE: A purchaser; buyer.

VENDOR: A seller.

VENEER: Thin sheets of wood.

VERIFICATION: Sworn statement before a duly qualified officer to correctness of contents of an instrument.

VESTED: Bestowed upon someone; secured by someone, such as title to property.

VOID: To have no force or effect; that which is unenforceable.

VOIDABLE: That which is capable of being adjudged void, but is not void unless action is taken to make it so.

VOLUNTARY LIEN: Any lien placed on property with consent of, or as a result of, the voluntary act of the owner.

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