Real Estate Dictionary

V

VA:
See Department of Veteran's Affairs and related entries.

​

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:
Legally binding; authorized.

​

VALUATION:
The estimation of the worth or sale price of an asset.

​

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 that may change according to change in the index rate. See "adjustable interest rate".

​

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 (VRM):
See "adjustable rate mortgage".

​

VARIANCE:
An indulgence granted by a local zoning commission or authority to allow a non-conforming use of a property to continue. The zoning bylaw or ordinance is actually amended as it pertains to the particular property.

​

VENDOR:
Seller. Purchasee.

​

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.

​

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

​

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

​

VOID:
Null, not legally enforceable.

​

VOIDABLE:
A contract that may be treated as legally unenforceable at the option of a party (usually the injured party) but remains enforceable until that party exercises her option.

​

VOLUNTARY ALIENATION:
Transfer of title to an asset with the consent of the owner.

​

VOLUNTARY LIEN:
A claim that is recorded/registered with consent of the owner.