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Real Estate Terms / Real Estate Dictionary

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VA Guarantee
An insurance contract in which the Veterans Administration (VA) insures that the named lender will recover a specific percentage of the loan amount from the insurer in the event that the loan goes bad.

Vacancy Allowance
An estimate of the amount of rent that may be foregone because of unoccupied units.

See Appraisal.

Variable Expenses
Those costs which vary according to the extent to which a property is occupied. For example, janitorial services in an office building.

Variable Interest Rate
An interest rate that fluctuates based on the changes of an underlying interest rate index.

Variable Rate Mortgage
A loan being repaid by payments which change as the market interest rate changes.

Purchaser or buyer, especially on a land contract.

A person who transfers property by sale. Another word for "seller".

Vendor's Lien
A lien either express or implied given to a vendor for the remaining unpaid and unsecured part of a purchase price. The seller has the right to take back possession of a sold property until its purchase price has been received from the buyer.

Vendor's Statement of Adjustment
Closing Statement which shows the net amount of proceeds to be received by the vendor upon completion of the transaction. See also Statement of Adjustment.

Used to refer to the county or place in which an acknowledgment is made before a notary; also refers to the county in which a lawsuit may be filed or tried.

Having the rights of ownership, although those rights may be delayed until a future date.

Vertical Support
The right of land to be supported by the land which lies under it.

Void Contract
A contract which never had any legal existence or effect and which is not capable of being enforced.

Voidable Contract
A voidable contract, unlike a void contract, is a valid contract. At most, one party to the contract is bound. The unbound party may repudiate the contract, at which time the contract is void. (For example, depending on the jurisdiction, a contract with a minor may be a voidable contract)

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