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Estate Glossary > V
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Glossary > V
Frequently used terms
Variable Rate Mortgage
Verification
of Deposit (VOD)
Verification of Employment
(VOE)
Veterans Administration (VA)
Voluntary Lien
V-cap
A specially shaped piece of ceramic tile used at the edge of
a counter to trap liquids.
VA (Veterans Administration)
The Veterans Administration assists veterans with purchasing
a home without a down payment.
VA loan
A loan through the Veterans Administration program, which allows
most veterans to purchase a house without a down payment.
Vacancy factor
The amount of gross revenue anticipated to be lost due to
vacancies. Always expressed as a percentage of the total
rentable square footage available.
Vacancy rate
The total amount of available space compared to the total
amount of space. Always expressed as a percentage.
Vacant space
Existing tenant space currently being marketed for lease excluding
space available for sublease
Vapor barrier
A material such as plastic that prevents the passage of moisture.
Variable rate
An interest rate that changes with fluctuations in such indexes
as the prime rate.
Variable rate mortgage (VRM)
A mortgage with an interest rate that changes with fluctuations
in such indexes as the prime rate, libor rate, or treasury bill.
Vaulted ceiling
An elongated half-cylinder that arches above the floor.
Vendee
A buyer of real property
Vendee's Lien
Legal right of a purchaser of a piece of real estate to the
paid purchase price plus direct costs of acquisition, if the
seller fails to render the deed to the property.
Vendor
A seller of real estate or other products.
Vendor's Lien
The seller's claim to property held by a buyer as collateral
for a debt, also called a purchase money mortgage.
Veneer
A thin facing material that is applied over a structural base.
Vent
A pipe that allows air to flow in a drainage system.
Ventilation
The process of replacing stale air with fresh air, usually by
circulation through a series of vents or a mechanical system
such as an air conditioner.
Verification of deposit (VOD)
As part of the loan process a lender may ask a borrower's
bank to sign a statement verifying the borrower's account
balances and history.
Verification of employment (VOE)
As part of the loan process a lender may ask the borrower's
employer for confirmation of the borrower's position and salary.
Vestibule
A small entrance hall or room.
Victorian style
An architectural style that dates from the mid-19th century.
Vinyl-clad windows
Wood windows sheathed in vinyl on the outside.
Violation
An act, deed or condition contrary to the permissible use
of property.
Visqueen
A brand of polyethylene sheet used to cover the ground in a
crawl space.
Visual Right
Occupant's right to see out of a window without being hindered.
Voidable contract
A contract that may seem to be valid, but can be rejected
by either one of the parties.
Volt
The unit used to measure electrical force between two points
in a circuit.
Volt-ohm meter
An electrical test device used for making a variety of electrical
measurements including voltage and current.
Voltage
The pressure behind the flow of electricity.
Voluntary lien
A lien that a homeowner willingly gives to a lender.
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