Dictionary of Terms - V

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VA (Veterans Administration): The Veterans Administration assists veterans with purchasing a home without a down payment.
VA Loan: A loan through the Veterans Administration program, which allows most veterans to purchase a house without a down payment.
VA Mortgage: A mortgage loan on approved property made to a qualified veteran by an authorized lender and guaranteed by the Department of Veterans Affairs to limit possible loss by the lender.
VA: The Veterans Administration, a federal agency that guarantees home loans to qualified veterans upon approved properties.
Vacancy And Collection Losses: (See allowance for vacancy and collection losses.)
Valid Contract: A contract that complies with all the essentials of a contract and is binding and enforceable on all parties to it.
Valuation Principles: Factors that affect market value, such as the principle of substitution, highest and best use, supply and demand, conformity, contribution, increasing and decreasing returns, competition, change, stage of life cycle, anticipation, externalities, balance, surplus productivity, opportunity cost, and theory of distribution.
Value In Exchange: The value of goods and services in exchange for other goods and services, or money, in the marketplace; an economic concept of market value.
Value In Use: The value of a property based on a specific use. This may differ from market value when the use is specialized and when there is a limited market for the property based on that use.
Value: The power of a good or service to command other goods or services in exchange; the present worth of future rights to income and benefits arising from ownership.
Vapor Barrier: Material used to keep moisture from penetrating the interior walls or floors. Usually a plastic tacked to the interior side of the studs under the drywall.
Variable Rate Mortgage (VRM): A mortgage with an interest rate that changes with fluctuations in such indexes as the prime rate, libor rate, or treasury bill.
Variance: Permission obtained from zoning authorities to build a structure or conduct a use that is expressly prohibited by the current zoning laws; an exception from the zoning ordinances.
Variate: In statistics, an individual thing, person or other entity.
Vendee: A buyer usually under the terms of a land contract.
Vendor: A seller usually under the terms of a land contract.
Vendor's Lien: A lien that belongs to a vendor for the unpaid purchase price of land where the vendor has not taken any other lien or security beyond the personal obligation of the purchaser.
Veneer: A layer of materials covering a base of another substance. For example, a brick layer over frame studs.
Verification Of Deposit (VOD): As part of the loan process a lender may ask a borrower's bank to sign a statement verifying the borrower's account balances and history.
Verification Of Employment (VOE): As part of the loan process a lender may ask the borrower's employer for confirmation of the borrower's position and salary.
Void Able 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 Alienation: See alienation.
Voluntary Lien: A lien placed on property with the knowledge and consent of the property owner.

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