VA Veterans Administration.

VACANCY RATE the percentage of all units or space that is unoccupied or not rented. On a pro-forma income statement a projected vacancy rate is used to estimate the vacancy allowance, which is deducted from potential gross income to derive effective gross income.

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

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. Generally, a business loss cannot be claimed on a vacation home.

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 ]ends the event of default. The guaranty is 60% of the loan, but not more than $27,500. 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.

VARA a measurement or unit of length.

VARIABLE EXPENSES property operating costs that increase with occupancy.

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 on a 6- month basis over the term of the loan. Rate increases are restricted to no more than X point per year and 2X points over the term.

VARIANCE permission granted by a zoning authority to a property owner to allow for a specified violation of the zoning requirements. Variances are generally granted when compliance is impossible without rendering the property filely unusable.

VENDEE a buyer. Generally used for real estate; one who purchases personal property is usually called the buyer.

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

VENDOR a seller, usually of real estate. The term seller is commonly used for personal property.

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.