Real Estate Glossary V

Vacancy factor - An allowance or discount for estimated vacancies (unrented units) in a rental project. The vacancy rate is the ratio between the number of vacant units and the total number of units in a specified project or area.

Value - The power of a good or service to command other goods in exchange for the present worth of future rights to income or amenities; the present worth to typical users and investors of future benefits arising out of ownership of a property.

Variable rate mortgage - A loan with an interest rate that hinges on factors such as the rate paid on bank certificates and Treasury bills.

Variance - Permission obtained from governmental zoning authorities to build a structure or conduct a use, which is expressly prohibited by the current zoning laws; an exception from the zoning laws.

Vaulted ceiling - An elongated half-cylinder that arches above the floor. cylinder that arches above the floor.

Vendee - The purchaser of realty; the buyer. The buyer under an agreement of sale.

Vendor - The seller of realty. The seller under an agreement of sale.

Verification of deposit - Part of the loan process, in which a lender will ask a borrower's bank to sign a statement verifying the borrower's account balances and history.

Verification of employment - Part of the loan process, in which a lender asks the borrower's employer for confirmation of the borrower's position and salary.

Vestibule - A small entrance hall or room.

Victorian style - An architectural style that dates from the mid19th century. 19th century.

Vinyl-clad windows - Wood windows sheathed in vinyl on the outside.   Wood windows sheathed in vinyl on the outside.

Void - Having no legal force or binding effect; a nullity; not enforceable. A contract for an illegal purpose (i.e. gambling) is void.

Voidable - A contract which appears valid and enforceable on its face, but is subject to rescission by one of the parties who acted under a disability, such as being a minor or being under duress or undue influence; that which may be avoided or adjudged void but which is not, in itself, void.

Voluntary lien - A lien that a homeowner willingly gives to a lender.