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Real Estate Terms Glossary
Click the letter corresponding to the first letter of the word you wish to look up.
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Real Estate Terms Beggining with the Letter v
Vacancy Factor
The percentage of a building's space that is not rented over a given period.
(1) Legally sufficient and authorized by law. (2) Having force or binding force. Fully effective at law; legally sufficient.
The internal angle formed by the junction of two sloping sides of a roof.
(1) Estimated worth or price. (2) The act of valuing by appraisal.
Variable Interest Rate
(VIRs or VRMs Variable Mortgage Rates). An interest rate in a real estate loan by which the terms of the note varies upward or downward over the term of the loan depending on money market conditions.
An exception or departure from the general rule. An exception granted to a property owner relieving him from obeying certain aspects of a zoning ordinance. Its granting is discretionary with the zoning authorities and is based on undue hardship suffered by the property owner because of unique circumstances affecting his property.
Purchaser or buyer or real property.
Seller of real property.
Thin sheets of wood placed over another material.
A pipe installed to provide a flow of air to or from a drainage system or to provide a circulation of air within such system to protect trap seals from siphonage and back pressure.
The location in which a cause of action occurs; it determines the court having jurisdiction to hear and decide the case. For real estate the court having proper venue is one in the county in which the property is located.
A sworn statement before a duly qualified officer as to the correctness of the contents of an instrument. Written certification under oath and/or penalty of perjury confirming the truth of the facts in a document.
Against (abbreviated v. or vs.). Used in case names with the plaintiff's name given first.
Bestowed upon someone such as title to property. Absolute not contingent or subject to being defeated.
Veteran's Exemption
A deduction from the annual property tax allowed to a qualified veteran residing on residential property. Since July 1978 it has amounted to $40 off the normal tax bill.
To have no legal force or effect; that which is unenforceable. Unenforceable null having no legal effect.
An instrument that appears to be valid and enforceable on its face but is in fact lacking some essential requirement. May be declared void but is valid unless and until declared void.
Voluntary Lien
Any lien placed on property with the consent of the owner or as a result of the voluntary act of the owner.

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