VACANCY FACTOR
An allowance or discount for estimated vacancies(unrented units) in a rental project. The vacancy rate is the ratio between the number of vacant units and the total number of units in a specified project or area.

valid contract
A contract that complies with all the essentials of a contract and is binding and enforceable with all associated parties.

value
The measure of the monetary equivalent of a property. The four essential elements of value are utility, scarcity, demand and transferability. Cost does not equal value nor does equity.

There are various types of value, such as market value, tax assessed value, book value, insurance value, use value, par value, rental value and replacement value. By far, the type of value used for the largest number of real estate transactions is market value.

• value in exchange
  The market value of a property.
  
• value in use
  The value of a property as used for a specific purpose.

Valuation
The estimated of value of a property.

VALUE
The power of a good or service to command other goods in exchange for the present worth of future rights to income or amenities; the present worth to typical users and investors of future benefits arising out of ownership of a property.

variable costs
Operating expenses that fluctuate with occupancy, such as utilities and maintenance costs.

variable lease
Allows for increases in the rental charges during the lease period. One of the more common is the graduated lease which provides for specified rent increases at set future dates. Another is the index lease, which allows rent to be increased or decreased periodically based on changes in the consumer price index or some other indicator.

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Variable rate mortgage, or Adjusted rate mortgage
A mortgage with interest rates that may fluctuate based on market conditions. Payments may increase or decrease accordingly.

VARIANCE
Permission obtained from governmental zoning authorities to build a structure or conduct a use which is expressly prohibited by the current zoning laws; an exception from the zoning laws.

Verification of Deposit
A statement signed by the borrower's financial institution that verifies the current balances in the borrower's accounts

VENDEE
The purchaser of realty; the buyer. The buyer under an agreement of sale.

VENDOR
The seller of realty. The seller under an agreement of sale.

verification
Confirmation under oath of the truthfulness of a statement.

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Verification of Employment
A statement signed by the borrower's employer that verifies the borrower's current position and salary.

Vest
To pass an immediate right on to a person.

Vested
Having the right to withdraw a percentage of a fund before its agreed-upon maturity date; e.g., the percentage vested to individuals with retirement funds differs; if someone is 80% vested, that means they can only withdraw 80% of the funds set aside for them until its maturity.

Veterans Affairs (VA)
A federal agency that insures residential mortgages made to eligible military veterans, which thereby encourages loans being made to veterans.

view ordinance
A law adopted by some cities or towns with desirable vistas--such as those in the mountains or overlooking the ocean--that protects a property owner from having his or her view obstructed by growing trees. View ordinances don't cover buildings or other structures that may block views.

virtual home tour
Zander Properties uses methods to provide internet users with a photographical or graphical presentation of available homes. We offer both streaming video and panoramic images.

VOID
Having no legal force or binding effect; a nullity; not enforceable. A contract for an illegal purpose is void. A void contract need not be disaffirmed, nor can it be ratified. A contract for an illegal purpose (for example, gambling) is void. A voidable contract is one that is able to be voided. Voidable implies a valid act that may be rejected by an act of disaffirmance, rather than an invalid act that may be confirmed. For example, if a minor contracts to buy a diamond ring, the contract can be voided by the minor because of lack of sufficient age. If, however, the minor elects to enforce the contract, the contract is valid and the other party cannot assert the minor's lack of age as a defense.

VOIDABLE
A contract which appears valid and enforceable on its face, but is subject to rescission by one of the parties who acted under a disability, such as being a minor or being under duress or undue influence; that which may be avoided or adjudged void but which is not, in itself, void.

voidable contract
A contract that seems to be valid on the surface but may be rejected or disaffirmed by one or both of the parties.

voluntary conveyance
Voluntarily signing over to a lender the property pledged as collateral on a defaulted loan.

voluntary lien
A lien placed on property with the knowledge and consent of the property owner.

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