VA Veterans Administration.

VACANCY FACTOR The amount of gross revenue lost because of vacant space; an allowance item on pro forma income statements, usually calculated as a percentage of gross revenue.

VACANCY RATE A measurement expressed as a percentage of the total amount of available space compared to the total inventory of space. Computed by multiplying vacant space times 100 and divided by total inventory.

VACANT LAND Land not currently being used. May have utilities and off-site improvements. Contrast with raw land.

VACANT SPACE Existing space which is currently being marketed for sale or lease, excluding sublet space.

VACATE To move out.

VACATION HOME A dwelling used by the owner occasionally for recreational or resort purposes. It may be rented to others for a portion of the year. Income tax deductions pertaining to vacation homes depend on the frequency of use by the owner.

VALID Having legally binding force; legally sufficient and authorized by law.

VA LOAN Home loan guaranteed by the U.S. Veterans Administration (VA) under the Servicemen's Re-adjustment Act of 1944 and later. The VA guarantees restitution to the lender in the event of default. Home must be a principal residence.

VALUABLE CONSIDERATION A type of promised payment upon which a promisee can enforce a claim against an unwilling promisor. Includes money, extension of time, and other equivalents for the grant. Distinguished from good consideration, which may be love and affection toward a relative, generosity, and the like.

VALUATION (1) Estimated worth or price. (2) The act of estimating the worth of a thing.

VARIABLE EXPENSES Property operating costs that increase with occupancy, such as utilities.

VARIABLE INTEREST RATE An amount of compensation to a lender that is allowed to vary over the maturity of a loan. The amount of variation is generally governed by an appropriate index. VARIABLE-MATURITY MORTGAGE a long-term mortgage loan, under which the interest rate may be adjusted periodically. Payment levels remain the same but the loan maturity is lengthened or shortened to achieve the adjustment.

VARIABLE-PAYMENT PLAN Any mortgage repayment schedule that provides for periodic change in the amount of monthly payments. Changes may occur as a result of: the expiration of an interest-only period (flexible payment mortgage), a planned step-up in payments (graduated payment mortgage), or a change in the interest rate due to fluctuation in an index (variable-rate mortgage).

VARIABLE-RATE MORTGAGE (VRM) A long-term mortgage loan applied to residences, under which the interest rate may be adjusted over the term of the loan. Rate increases are usually restricted.

VARIANCE A permit that grants a property owner relief from certain provisions of a zoning ordinance when, because of the particular physical surroundings, shape or topographical condition of the property, compliance would result in a particular hardship or practical difficulty which would deprive the owner of the reasonable use of the land or building involved.

VENDEE Purchaser or buyer, generally used in real property context.

VENDEE'S LIEN A lien against property under a contract of sale, to secure the deposit paid by a purchaser.

VENDOR The person who transfers property by sale. Another word for SELLER. Commonly used in land contract sales.

VENEER Wood or brick exterior that covers a less attractive and less expensive surface.

VENTURE CAPITAL Money raised for high-risk investments.

VERIFICATION Sworn statements before a duly qualified officer that the contents of an instrument are correct.

VEST To create an entitlement to a privilege or right.

VETERANS ADMINISTRATION (VA) An agency of the federal government that provides services for eligible veterans. Generally, a veteran who has served (beyond basic training) more than 120 days active duty in the armed forces is eligible for a home loan with no down payment. Address: Veterans Administration 810 Vermont Avenue Washington, DC 20420.

VIOLATION An act or a condition contrary to law or to permissible use of real property.

VOID Having no legal force or effect; unenforceable.

VOIDABLE Capable of being voided, but not void unless action is taken to void it. A contract to real estate entered into by a minor is voidable only by the minor.

VOLUNTARY ALIENATION Legal term that describes a sale or gift made by the free will of the seller or donor.

VOLUNTARY LIEN A debt that the property owner agrees to have recorded. Typically a mortgage.

VRM Variable-rate mortgage