Your Online Legal Resource Center for Property Management

VACANCY FACTOR - The anticipated amount of income that will be lost during on year from rental property units remaining empty for a period of time.

VALID - Property executed according to law.

VALUABLE CONSIDERATION - See Consideration.

VALUE - See Market Value.

VAPOR BARRIER - A material such as plastic, rubber, or tinfoil which retards or prevents the transfer of moister from the earth or air into a structure.

VARIABLE INTEREST RATE - A loan rate that moves up and down based on factors including changes in the rate paid on bank certificates of deposit or Treasury bills.

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

VARIABLE RATE - An interest rate that changes with fluctuations in such indexes as the U.S. Treasury bill index.

VARIANCE - Permission given by a zoning authority to use property for a purpose other than what it is currently zoned for, such as building, a tri-plex in an area zoned for single family residences.

VAULTED CEILING - An elongated half-cylinder that arches above the floor.

VENDEE - Land contract buyer.

VENDOR - Land contract seller.

VENT PIPE - See Soil Pipe and Stack.

VENTURE CAPITAL - Money invested in high risk projects which demands a higher rate of interst for its use.

VENUE - Official jurisdiction.

VERIFICATION OF DEPOSIT - As part of the loan process, a lender will ask a borrower's bank to sign a statement verifying the borrower's account balances and history.

VERIFICATION OF EMPLOYMENT - As part of the loan process, a lender will ask the borrower's employer for confirmation of the borrower's position and salary.

VESTED - Rights granted to an owner of property under the legal document conveying them.

VESTIBULE - A small entrance hall or room.

VETERANS ADMINISTRATION - (VA) The U.S. Department of Veterans Affairs operates a variety of programs to help veterans. One of the key plans it oversees is the VA loan program, which allows most veterans to purchase a house without a down payment.

VINYL - CLAD WINDOWS - Wood windows sheathed in vinyl on the outside.

VISUAL RIGHTS - The right to clearly see an upcoming hazard, unobstructed, such as the right of a car driver to view traffic at an intersection takes presidence over the right of a property owner to allow a shrub to grow tall which would block the view.

VOID - Not legally enforceable.

VOIDABLE - May be annulled.

VOLUNTARY LIEN - A lien a homeowner willingly gives to a lender.

VA LOANS - A program that allows most veterans to purchase a house without a down payment.