V

Valid Contract	A contract that complies with all the essentials of a contract and is binding and enforceable with all associated parties. (See contract)
VA Loan	A government-sponsored mortgage assistance program administered by the Department of Veterans Affairs. 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 f
Value	The 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 p
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.
Veteran’s Administration (Va)	Federal agency providing assistance to veterans, including the guarantee of VA mortgage loans.
Veteran’s Exemption	California war veterans may receive a $4,000 exemption on the full cash value of their homes.
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 con
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 h
Voluntary Conveyance	Voluntarily signing over to a lender the property pledged as collateral on a defaulted loan. (See deed in lieu of foreclosure)
Voluntary Lien	A lien placed on property with the knowledge and consent of the property owner. (See lien)
VA loans	A program that allows most veterans to purchase a house without a down payment.
Variable interest rate	A loan rate that moves up and down based on factors including changes in the rate paid on bank certificates of deposit or Treasury bills.
Variable rate	An interest rate that changes with fluctuations in such indexes as the U.S. Treasury bill index.
Variable rate mortgage	A loan with an interest rate that hinges on factors such as the rate paid on bank certificates and Treasury bills.
Vaulted ceiling	An elongated half-cylinder that arches above the floor.
Verification of deposit	Part of the loan process, in which a lender will ask a borrower’s bank to sign a statement verifying the borrower’s account balances and history.
Verification of employment	Part of the loan process, in which a lender asks the borrower’s employer for confirmation of the borrower’s position and salary.
Vestibule	A small entrance hall or room.
Veterans Administration (VA)	The U.S. Department of Veterans Affairs operates a variety of programs to help veterans. One of the key plans it oversees is the VA loan program, which allows most veterans to purchase a house without a down payment.
Victorian style	An architectural style that dates from the mid-19th century.
Vinyl-clad windows	Wood windows sheathed in vinyl on the outside.
Voluntary lien	A lien that a homeowner willingly gives to a lender.