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Find
the meaning of all the key terms used in Real Estate Vocabulary.
Click on the corresponding letter to find the word, which are
all listed in alphabetical order. We hope this service helps you
further.
Select
the Letter that Correspond to the word
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.
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