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V

26 entries found
Term Definition
VA loan Mortgage loan assistance program available to veterans with little or no down payment and guaranteed by the U.S. Veteran's Administration. Under the Servicemen's Readjustment Act of 1944, eligible veterans and widows or widowers (who have not re-married) of veterans who died in service or from service-connected causes may obtain partially guaranteed loans for the purchase or construction of a house or to refinance existing mortgage debt.
VA mortgage A mortgage that is guaranteed by the Department of Veterans Affairs (VA).
valid contract A contract that complies with all the essentials of a contract and is binding and enforceable with all associated parties.
valueThe measure of the monetary equivalent of a property. The four essential elements of value are utility, scarcity, demand and transferability. Cost does not equal value nor does equity.
value in exchange The market value of a property.
value in use The value of a property as used for a specific purpose.
vapor retarders Special materials used in the installation of thermal insulation to reduce the passage of water vapor. These materials include treated papers, plastic sheets, and metallic foils.
variable costs Operating expenses that fluctuate with occupancy, such as utilities and maintenance costs.
variable lease Allows for increases in the rental charges during the lease period. One of the more common is the graduated lease which provides for specified rent increases at set future dates. Another is the index lease, which allows rent to be increased or decreased periodically based on changes in the consumer price index or some other indicator.
variable rate Interest rate that changes periodically in relation to an index.
variable rate mortgage Adjustable rate mortgage. A broad term for a loan (mortgage or deed of trust) with rates and payments that can adjust periodically according to fluctuations in the market conditions. All ARMs are tied to preselected indexes. The adjustable rate loan has become commonplace.
variance Permission obtained from governmental zoning authorities to build a structure or conduct a use that is expressly prohibited by the current zoning lows; an exception from the zoning laws. A variance gives some measure of elasticity to the zoning game.
variate A single item in a group.
vendee The purchaser of realty; the buyer. The buyer under a land contract.
vendor The seller of realty. The seller under a land contract. In some cases, the vendor may not be the owner--he or she might be the holder of an option.
verification Confirmation under oath of the truthfulness of a statement.
Verification of Deposit (VOD) Document signed by the borrower's bank or other financial institution verifying the borrower's account balance and history.
Verification of Employment (VOE) Document signed by the borrower's employer verifying the borrower's position and salary.
vested Having the right to use a portion of a fund such as an individual retirement fund. For example, individuals who are 100 percent vested can withdraw all of the funds that are set aside for them in a retirement fund. However, taxes may be due on any funds that are actually withdrawn.
veteran's exemption California war veterans may receive a $4,000 exemption on the full cash value of their homes.
Veterans Administration (VA) An agency of the federal government that provides assistance of residential mortgages made to eligible veterans of the military services. The guarantee of VA mortgage loans protects the lender against loss and thus encourages lenders to make mortgages to veterans.
void Having no legal force or binding effect; a nullity; not enforceable. A void agreement is no contract at all. A void contract need not be disaffirmed, nor can it be ratified. A contract for an illegal purpose (for example, gambling) is void. A voidable contract is one that is able to be voided. Voidable implies a valid act that may be rejected by an act of disaffirmance, rather than an invalid act that may be confirmed. For example, if a minor contracts to buy a diamond ring, the contract can be voided by the minor because of lack of sufficient age. If, however, the minor elects to enforce the contract, the contract is valid and the other party cannot assert the minor's lack of age as a defense.
voidable contract A contract that seems to be valid on the surface but may be rejected or disaffirmed by one or both of the parties.
volatile organic compounds Carbon compounds that tend to be emitted as gases into the air. Organic chemicals are widely used as ingredients in household products. Paints, varnishes, and wax all contain organic solvents, as do many cleaning, disinfecting, cosmetic, degreasing, and hobby products. Fuels are made up of organic chemicals. All of these products can release organic compounds while in use or in storage.
voluntary conveyance Voluntarily signing over to a lender the property pledged as collateral on a defaulted loan.
voluntary lien A lien placed on property with the knowledge and consent of the property owner.
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