Real Estate Glossary


Terms and concepts to improve your real estate understanding.
Browse the glossary using this index

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V

VA loan

These assist veterans and their spouses (including un-remarried spouses of veterans whose deaths were service-related) in financing the purchase of homes with little or no down payments at interest rates.

valid

refers to an agreement which contains all of the essential elements of a contract: competent parties, offer and acceptance, consideration, and legal subject matter.It is binding and enforceable on all parties to it.

value

with regard to appraising, value refers to the specific purpose sought in the appraisal assignment. Examples of values include: market value, insurable value, quick sale value, liquidation value, book value, etc.

While the purpose (specific value sought) of most appraisals is to estimate a property’s market value, the appraiser should not assume that is the purpose of every appraisal.  

variance

is the permission by the government to allow a minor deviation or violation of the current zoning requirements. Violations of zoning setback requirements are a substantial source of requests for variances.

vendee

is the buyer. Vendee is the individual who is buying land or an option on the real estate.  

vendor

is the seller. Generally it is individual who is selling their land or real property. Vendor could also sell their option on real property.    

vested interest

is an interrest that certain to occur

void

refers to a contract with no force or affect under the law – and therefore is not capable of being enforced under any circumstances. A contract that has an illegal purpose was invalid from the beginning and can not be enforced by either party.

voidable

refers to a contract that allows one of the parties to rescind the agreement because they entered into the agreement under a disability.

Example: If an individual bought a piece of land but the seller used fraud to induce the sale the contract is considered voidable and can be voided by the injured party. The purchaser has the right to void the contract but not the seller who used fraud. If the purchaser finds oil under the land the seller does not have the same right to void the contract claiming it was voidable.

voluntary alienation

means that the owner of the property agreed to the transfer. Examples of voluntary alienation would be gift or sale.

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