Real estate definitions Dictionary provided as a service by Sandee Conley of Century21 Doug Anderson Realty, Lancaster California
Home buyers and sellers - please visit www.real-estate-palmdale.com or call 1-877-SCONLEY for more information on buying or selling a home ANYWHERE in the Antelope Valley and surrounding areas! 

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VA:
See Department of Veterans Affairs.

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

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

VALUE:
The amount that a property is worth.

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 in a loan which can be changed upon the happening of a certain event.

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:
See ADJUSTABLE RATE MORTGAGE.

VARIANCE:
An exception to a zoning ordinance, usually granted by a local government.  A rezoning of a single parcel.

VENDEE:
A purchaser, buyer.

VENDOR:
A seller; one who disposes of a thing in consideration of money.

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.

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

VEST:
To become the property of someone through action of law.

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

VETERANS ADMINISTRATION:
The federal agency who administers G.I. loans.

VIOLATION:
Any breach of a contract, rule, law or ordinance.

VIRTUAL TOUR:
Any method used to provide internet users with a graphical presentation of a property or properties.

VOID:
Having no legal force or effect. 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 ALIENATION:
Transfer of title to an asset with the consent of the owner.

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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