The VA Department of Veterans Affairs (formerly the Veterans Administration) is a U.S. government agency tasked with providing various services and benefits to discharged service members, including VA loans or mortgages.
A VA Loan or Mortgage is a home loan guaranteed by the U.S. Department of Veterans Affairs (VA) typically available to eligible veterans, active-duty service members, and certain members of the National Guard and Reserves.
Vacancy and Collection Allowance is an estimated deduction from Potential Gross Income (PGI) when preparing a real estate budget. This deduction accounts for the loss of income from unrented units and uncollected rent.
The vacancy factor, also referred to as the vacancy rate, is a critical metric in real estate that measures the percentage of vacant rental properties compared to the total inventory of units in a specific area or property portfolio. It's essential for property managers, investors, and developers to assess the health of the rental market and forecast income expectations.
Vacancy rate represents the percentage of all available units or space that are vacant or not rented in a particular property, influencing projected income and financial planning.
Vacant land refers to parcels of land that are not currently being used for any purpose. While it may contain basic utilities and some off-site improvements, it remains unutilized as opposed to developed land.
In real estate, to 'vacate' means for a tenant to terminate occupancy and leave the premises, usually at the end of a lease term or after giving proper notice. It involves removing all personal possessions and handing back the property to the landlord.
A vacation home is a dwelling that the owner occasionally uses for recreational or resort purposes. The home may be rented out to others for a portion of the year. Income tax deductions related to vacation homes depend on the owner’s frequency of use.
In real estate, the term 'valid' refers to documents or agreements that have legally binding force and are authorized by law. Examples include valid deeds, wills, leases, mortgages, and other contracts.
A valid contract in real estate is a legally binding agreement between two or more parties, often associated with property transactions. For a contract to be valid, it must include an offer, acceptance, intention to create legal relations, and consideration.
Valuable consideration refers to a benefit, interest, or value provided by one party to another, in exchange for something of value, forming the basis of a contractual obligation enforceable by law.
Valuation in real estate refers to the process and outcome of estimating the market worth or price of a property. Accurate valuation is crucial for various purposes including sales, taxation, loan collateral, and investment analysis.
The valuation process is a systematic method used by appraisers to derive an estimate of the value of a property, essential for making informed real estate transactions.
Value in real estate represents the worth of all the rights arising from ownership. It quantifies the amount of one commodity that will be exchanged for another under specific conditions.
Understanding the value of a property before and after a taking is crucial in matters of eminent domain and just compensation.
Value Definition pertains to a statement provided in an appraisal report that defines the estimated value of a property. It includes various types of values, such as market value for condemnation in a jurisdiction, value in use, and insurable value.
Value in exchange refers to the worth of a property based on its ability to be traded for goods and services. It differs from investment value or value in use, focusing primarily on what the property can be exchanged for in the open market.
Value In Use refers to the worth of a property in a specific use, typically its current usage. It may significantly differ from its market value, reflecting its utility in the given context.
VARA is a traditional unit of length used in Spanish-speaking countries. Though largely obsolete, it is still encountered in legal land descriptions and historical documents.
Variable expenses are property operating costs that change in relation to the level of occupancy or usage of a rental property. These expenses are crucial in property management for adapting to fluctuating income levels.
A variable interest rate is an interest rate on a loan or security that fluctuates over time because it is based on an underlying benchmark interest rate or index that changes periodically.
A Variable-Maturity Mortgage (VMM) is a long-term mortgage loan where the interest rate may be adjusted periodically, impacting the loan term while keeping the payment levels constant.
A Variable-Payment Plan is a mortgage repayment schedule that allows for periodic changes in monthly payments. These changes can result from the expiration of an interest-only period, a planned step-up in payments, or fluctuations in an interest rate index.
A Variable-Rate Mortgage (VRM) is a long-term mortgage loan applied to residential properties, under which the interest rate adjusts on a scheduled basis, typically every six months. Rate increases are restricted to no more than ½ point per year and a total of 2½ points over the Term. The term Adjustable-Rate Mortgage (ARM) is now more commonly used.
A Variable-Rate Mortgage (VRM) is a real estate loan in which the interest rate applied on the outstanding balance varies throughout the life of the loan. The rate adjustments are based on predetermined benchmarks such as the prime rate or U.S. Treasury rates.
A zoning variance is permission granted by a zoning authority to a property owner to allow for a specified violation of zoning requirements, typically granted when compliance is impossible without rendering the property virtually unusable.
A vendee is a party, typically in real estate transactions, that buys property. This term is specifically used in real estate contexts and contrasts with the term 'buyer,' which is commonly used for personal property transactions.
A vendee's lien is a legal claim against a property that is given as security for a deposit paid by a purchaser under a contract of sale. This lien protects the buyer's interests should the seller attempt to breach the agreement.
In the context of real estate, a vendor is the seller of a property. Vendors are typically involved in various transactions including the sale of personal property, cash exchanges, and mortgage transfers. Vendors are integral to real estate transactions as they transfer ownership to the buyer, or vendee.
A Vendor’s Lien, also known as a Purchase Money Mortgage, gives the seller a security interest in the property sold until the buyer pays the full purchase price.
Veneer is a thin layer of material, typically wood or brick, applied over a less attractive or less expensive surface to enhance its appearance and provide a refined finish.
Venture capital (VC) is a form of private equity and financing that investors provide to startup companies and small businesses that are believed to have long-term growth potential.
Verification involves sworn statements before a duly qualified officer confirming that the contents of an instrument are correct. This process ensures the integrity and factual accuracy of claims made in legal and official documents.
Vesting is the process through which an individual earns the right to assets or benefits, usually over a specified period and under clearly defined conditions.
The Department of Veterans Affairs (VA) is a federal agency providing a wide range of services to eligible veterans, including home loans with no down payment for those meeting specific service criteria.
Vicarious liability refers to the legal responsibility imposed on one party for the actionable conduct of another party, based on the relationship between the two entities. It is often encountered in employer-employee scenarios, where employers may be held responsible for the actions of their employees.
A villa traditionally refers to a Roman country house for the wealthy, but its modern interpretations include farmhouses, urban estates, and vacation homes situated in warm-weather destinations.
A violation in real estate refers to an act or condition that is contrary to law or permissible use of real property. Examples include illegal business operations in residential zones and non-compliance with housing codes such as non-functioning plumbing in occupied apartment buildings.
A Virtual Office Website (VOW) is an internet site created and operated by a real estate broker to attract potential home buyers. It typically allows users to search current listings on the Multiple Listing Service (MLS) and contact an agent through the internet. The broker may or may not have a physical office in addition to the website.
In the context of real estate, a `void` agreement means that it has no legal force or effect and is unenforceable from the outset. A void contract does not legally bind any of the parties involved and is treated as if it was never entered into.
Voidable refers to a legal agreement or contract that is valid and enforceable until one party who is entitled to void it exercises the right to do so. Unlike void contracts, voidable contracts require action to be considered invalid.
Voluntary Alienation is a legal term that describes the transfer of property rights through the free will of the property owner, typically by sale or gift.
A voluntary lien is a claim on a property that the owner agrees to, commonly seen in the form of a mortgage. Unlike involuntary liens, which are imposed without the owner's consent, voluntary liens are willingly granted by property owners to secure debt.
A Virtual Office Website (VOW) is an internet-based site where real estate brokers provide listings and related data to clients in compliance with the rules and regulations set forth by multiple listing services (MLS).
