Dictionary
V
- vacancy allowance
An estimate of the amount of rent that may be foregone because of unoccupied units.
- valuation
See Appraisal.
- value in exchange
See Sale Price.
- variable expenses
Those costs which vary according to the extent to which a property is occupied (e.g., janitorial services in an office building).
- variable rate mortgage
A loan being repaid by payments which change as the market interest rate changes.
- vendor take-back mortgage
A mortgage taken back by the vendor from the purchaser to facilitate a sale, whereby the vendor becomes the mortgagee and the purchaser becomes the mortgagor.
- 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.
- 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
One which exists until repudiated by a party entitled to do so at which time it becomes void.