A GLOSSARY OF REAL ESTATE TERMS

V


unrented space.
Valid
A binding situation that is authorized and enforceable by law.
Valuation
Estimated price, value, or worth. Also, the act of identifying a property’s worth via an appraisal.
Variable Interest Rate
Percentage a borrower pays for the use of money, usually expressed as an annual percentage, and which fluctuates in tandem with a rate index..
Variable Rate
A mortgage with an interest rate that changes periodically, according to an index that is selected when the mortgage is issued. The initial interest rate is lower than that of fixed- rate mortgages, but monthly payments can increase or decrease as the rate is adjusted.
Variable-Rate Mortgage
Home loan in which the interest rate is changed periodically based on a standard financial index. Also called an adjustable-rate mortgage..
Variance
Government authorization to use or develop a property in a manner which is not permitted by the applicable zoning regulations.
Violation
Act, condition, or deed that violates the permissible use of property.
Void
Something that is unenforceable.
Voidable
A situation which is capable of being unenforceable but is not so unless direct action is taken.
Voluntary Lien
A legal claim against property for payment of a debt or for services rendered, and placed upon the property with the consent of the owner.