Key Real Estate Terms V | Myers & Myers Real Estate

Published On: July 1, 2011|

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.

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Definitions Of Key Real Estate Key Terms V

John Myers Broker / Owner

With over a decade of experience in the real estate industry, I have been proudly serving the Albuquerque and Rio Rancho areas since 2010. As a highly motivated and customer service-oriented professional, I am committed to delivering exceptional results to every client I serve.

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