Real Estate Dictionary

V

unenforceable contract: a contract that has all the elements of a valid contract, yet neither party cans sue the other to force performance of it.

valid contract: a contract that complies with all the essentials of a contract and is binding and enforceable to all parties to it.

VA loan: a mortgage loan on approved property made to a qualified veteran by an authorized lender and guaranteed by the Department of Veterans Affairs to limit the lender's possible loss.

value: the power of a good or service to command other goods in exchange for the present worth of future rights to its income or amenities.

variable-rate mortgage: a mortgage loan in which the interest rate may increase or decrease at specified intervals within certain limits, based on an economic indicator.

variance: a wavier from compliance with a specific provision for the zoning ordinance; for the benefit of one parcel only.

vendee: a buyer.

vendee's lien: a buyer's claim against a seller's property when the seller has not delivered title to the buyer, as in an installment contract or contract for deed.

vendor: a seller.

vendor's lien: the equitable lien of the grantor upon the land conveyed, in the amount of the unpaid purchase price.

viewshed: what can be seen from a specific place.

voidable contract: a "contract" that has no legal force or effect because it does not meet the essential elements of a contract and therefore is not a contract.

volume: the size in cubic units of a 3-D figure.

voluntary alienation: see alienation.

voluntary lien: a lien that arises because of actions permitted by a person, such as when signing a deed of trust or mortgage.