Glossary

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There are 17 names in this directory beginning with the letter V.
V.A. Loan
Home loan guaranteed by the U.S. Veterans Administration under the Servicemen's Readjustment Act of 1944 and later to compensate lender in the event of default.
VA
Veterans Administration.
Valid
The legal classification of a contract that is binding and enforceable in a court of law.
Value
Generally, how much something is worth; the present worth of future benefits. In real es_tate, the term is most often used to refer to mar_ket value.
Value, Assessed
The value placed on property by the taxing authority (the county assessor, for example) for the purposes of taxation.
Value, Face
The value of an instrument, such as a bond, that is indicated on the face of the instrument itself.
Value, Market
The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting pru_dently and knowledgeably, and assuming the price is not affected by undue stimulus. (This is the definition from the Uniform Standards of Appraisal Practice.) Sometimes called value in exchange or objective value. Compare: Market Price.
Value, Utility
The value of a property to its owner or to a user. Also called value in use.
Variable Interest Rate
A loan interest rate that can be adjusted periodically during the loan term, as in the case of an adjustable-rate mort_gage.
Variable Rate Mortgage
Long-term mortgage loan applied to residences, under which the interest rate may be adjusted on a six-month basis over the term of the loan, according to certain restrictions.
Variance
Permission (obtained from the local zoning authority) to build a structure in a way that violates the strict terms of the zoning ordi_nance.
Vendee
A buyer or purchaser; particularly, someone buying property under a contract for deed.
Vendee's Lien
A lien against property under a contract of sale to secure the deposit paid by the purchaser.
Vendor
A seller; particularly, someone selling property by means of a contract for deed.
Veneer
Wood or brick exterior that covers a less attractive and less expensive surface
Vested Right
An immediate fixed right, inter_est, or title in real property, even though the right to possession of the property may not oc_cur until sometime in the future.
Void
Having no legal force or effect.