V

valid contract
A contract that complies with all the essentials of a contract and is binding and enforceable with all associated parties.

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 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). Also known as a government mortgage.

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. There are various types of value, such as market value, tax assessed value, book value, insurance value, use value, par value, rental value and replacement value. By far, the type of value used for the largest number of real estate transactions is market value.

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.

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, yet might be the holder of an option.

verification
Confirmation under oath of the truthfulness of a statement.

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 Administration
Federal agency providing assistance to veterans, including the guarantee of VA mortgage loans.

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.

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.