Definitions Of Key Real Estate Terms V
This article provides the definitions of key estate terms beginning with the letter V.
Vacancy Factor
is the percentage of time a rental facility is vacant.
Vacate
is to give up occupancy or surrender possession
Valid
is legally sufficient or effective.
Valuable Consideration
is the granting of some beneficial right, interest, or profit, or the suffering of some legal detriment or default by one party in return for the performance of another, usually as an inducement for a contract.
Variable Interest Rate
is an interest rate in which the lender is allowed to change the interest rate based on an agreed to index such as the prime interest rate.
Variance
is permission obtained from a government entity to build a structure or conduct a use that is not currently allowed by current zoning laws.
Vendee
is the buyer.
Vendor
is the seller.
Vendor’s Lien
is an equitable lien that belongs to a vendor for the unpaid purchase price of land.
Veteran’s Administration Loan (VA Loan)
is a government sponsored mortgage assistance program available to eligible veterans used for purchasing a home or building a new home.
Voidable Contract
is a contract that seems to be valid on the surface but may be rejected or disaffirmed by one or both of the parties.
Void Contract
is a contract that has no legal force or effect because it does not meet the essential elements of a contract.
Voluntary Lien
is a lien placed on property with the knowledge and consent of the property owner.
Myers & Myers Real Estate
We have some of the best in the business. Whether you’re looking to buy house or sell a house, our real estate agents have the knowledge & expertise to get the job done.
Our team is here to help you and make the process as stress free as possible. Myers & Myers Real Estate has been helping home buyers and sellers since 2010.
Customer service is cornerstone to our business, and we’re available to answer your questions. We have top-notch, experienced, and knowledgeable Realtors®.
Check out Albuquerque homes for sale. Rio Rancho homes for sale.Corrales homes for sale. East Mountains homes for sale. Valencia County homes for sale. Los Lunas homes for sale.. Call us if you are looking to purchase a new house or to see how we position your home to sell at the best possible price.