This information is provided to you as a service to help you during your real estate transaction or dealings. The Glossary of Terms we use consists of definitions from all over the United States. PLEASE, ALWAYS verify your understanding of any term listed here to be valid in it\'s use within any conversation, Sale or Purchase Agreement, Adendum to the contract, Escrow Instructions, addition or changes to any Ecrow Instructions, Title Policy, Appriasal or any other report used during the process of any Real Estate transaction.

VA
See Department of Veteran's Affairs and related entries.

VA LOAN
A loan on below market terms guaranteed by the Department of Veterans Affairs, given to former members of the armed forces.

VACANCY FACTOR
The percentage of Gross Rental Income that represents vacant units.

VACANCY RATE
The calculation of the percentage of all available rental units in a particular area that are not occupied.

VACANT LAND
Land that may be improved and developed but is not currently in use.

VACATE
To leave or move out of a premises.

VACATION HOME
An occasional-use property, often in a resort area (ski, sun, ocean), which may be rented out by the owner to other vacationers while not in use by the owner.

VALID
Legally binding; authorized.

VALLEY
The angled intersection between two roof planes where water collects and runs off the roof. Valleys are often protected with special metal flashing because they must handle heavy water flow without leaking.

VALUATION
The estimation of the worth or sale price of an asset.

VAPOR BARRIER
A material such as plastic that prevents the passage of moisture.

VARIABLE EXPENSES
Operating costs of a property which are not fixed, which change as a result of certain contingencies, such as percentage occupation of the property, type of use of the property, perhaps even the season of the year (for heating and air conditioning costs).

VARIABLE INTEREST RATE
An interest rate that may change according to change in the index rate. See "adjustable interest rate".

VARIABLE RATE MORTGAGE (VRM)
See adjustable rate mortgage".

VARIABLE-MATURITY MORTGAGE
A long-term loan in which the date the balance is due may be changed to adjust the level of periodic payments.

VARIANCE
An indulgence granted by a local zoning commission or authority to allow a non-conforming use of a property to continue. The zoning bylaw or ordinance is actually amended as it pertains to the particular property.

VAULTED CEILING
A ceiling formed in any variety of curved shape, which arches above the floor within a home.

VENDOR
A vender; a seller; the correlative of vendee.

VENDOR AND PURCHASER APPLICATION
Also known as "V&P Application". The bringing before a court in Ontario of any dispute between parties to an Agreement of Purchase and Sale with regard to the terms of the Agreement. Named after the Vendors and Purchasers Act, the statute which sets out the procedure for such an application.

VENDOR TAKE-BACK MORTGAGE
See "mortgage back".

VENEER
Any kind of thin wood or brick finish which is attached to the exterior of an item, be it a wall or a piece of furniture.

VERANDA
A large, open porch, usually roofed and partly enclosed, often extending across the front and sometimes sides of the house.

VEST
To become the property of someone through action of law.

VESTIBULE
A passage, or hall between the outer door, and the interior parts of the home.

VESTING
Conveying ownership.

VIOLATION
Any breach of a contract, rule, law or ordinance.

VOID
Null, not legally enforceable.

VOIDABLE
A contract that may be treated as legally unenforceable at the option of a party (usually the injured party) but remains enforceable until that party exercises her option.

VOLUNTARY ALIENATION
Transfer of title to an asset with the consent of the owner.

VOLUNTARY LIEN
A claim that is recorded/registered with consent of the owner.