Real Estate Insurance Terms - V

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VACANCY - A place which is empty (vacant). The term is generally used to describe a property available for rent.

VACANCY FACTOR - The estimated percentage of vacancies in a rental project. May be based on past records of the property or a professional guess if a new project. Surrounding area buildings, if similar, may be used for comparison.

VACANT LAND - Land without buildings. May or may not have improvements, such as grading sewers, etc.

VACATE - (1) To move out. (2) A legal term meaning to set aside or annul, as to vacate a judgment.

VA ESCAPE CLAUSE - A clause stating that the buyer (borrower) shall not be obligated to buy nor shall any deposit be lost if the appraisal is less than the agreed upon amount.

VALID - Legally binding. Properly carried out in accordance with legal procedures.

VALLEY - (1) The concave angle formed by two sloping sides of a roof. (2) Low land between hills or mountains.

VALLEY FLASHING - Waterproofing (flashing) applied to the concave joint (valley) of a roof.

VALLEY RAFTER - A rafter (beam) which forms the apex of the interior angle of a valley roof.

VALLEY ROOF - A roof, the exterior surface of which forms a concave angle, having the edges higher than the center.

VALUABLE CONSIDERATION - A legal term meaning consideration sufficient to support a contract. The word "valuable" does not mean of great value but merely having value.

VALUE - (1) The usefulness of an object. (2) The monetary worth of an object. (3) A shortening of the term valuable consideration, as in a purchaser "for value".

VALUE AFTER THE TAKING - In the case of a partial taking under eminent domain, the value of the part not taken.

VALUE BEFORE THE TAKING - The market value of a property before condemnation.

VALVE - A device, operating automatically or manually, to regulate the flow of a gas or liquid, or to prevent the return of the gas or liquid to its source.

VAPOR BARRIER - The placing of moisture retarding material, such as paints, foil, treated paper, etc. on or in walls to prevent condensation.

VARA - A Spanish or Portuguese unit of measure of approximately 33 inches.

VARIABLE INTEREST RATE - An interest rate which fluctuates as the prevailing rate moves up or down. In mortgages there are usually maximums as to the frequency and amount of fluctuation. Also called "flexible interest rate".

VARIANCE - Change of a portion of zoning requirements without changing the zoning.

VARNISH - A finish for wood which gives a transparent protective covering. Composed of resins dissolved in oil.

VAULT - (1) An arched ceiling or roof. (2) A room or enclosure used for the storage of valuables.

VENDEE - Purchaser or buyer, especially on a land contract.

VENDOR - The person who transfers property by sale. Another word for "seller". Commonly used in land contract sales.

VENEER - Thin sheets of wood or other material, such as brick, usually covering less costly material.

VENEERED CONSTRUCTION - The placing of a facing material over the external surface of a structure.

VENT - An opening, usually a pipe or duct, which allows the passage of air or gas to release undesirable fumes from a building.

VENTILATION - A system, natural or artificial, of providing fresh air circulation through a structure.

VENT STACK - A small chimney-like stack allowing ventilation through a roof.

VENUE - (1) The county (or other geographical division) in which an action or prosecution is brought for trial and which is to furnish the panel of jurors. (2) The county in which an acknowledgment (notarization) is made.

VERANDA - An open porch alongside a building. Usually covered by a roof for protection form the sun or rain.

VERIFICATION - Confirmation of truth, correctness, or authenticity. Done in affidavit, oath or deposition, all of which require sworn statements.

VERIFY - To confirm, substantiate or prove to be true.

VERTICAL - Up and down. Perpendicular to the surface of the Earth.

VEST - To give an immediate interest, as opposed to a contingent or future interest.

VESTED - Present ownership rights, absolute and fixed. Modernly, ownership rights, even though on a land contract or subject to a mortgage or deed of trust.

VESTED REMAINDER - A remainder interest which is certain.

VETERAN'S ADMINISTRATION (V.A.) LOANS - Housing loans to veterans by banks, savings and loans, or other lenders which are insured by the Veteran's Administration, enabling veterans to buy a residence with little or no down payment.

VETERAN'S TAX EXEMPTION - A state exemption for property taxes granted qualified veterans or their widows. Not in every state.

VICINAGE - (1) A neighborhood, vicinity. (2) A legal term signifying the county where a trial is held.

VILLAGE - A small community.

VILLA LOT - A term of not legal significance, used to describe a large lot upon which would be built an expensive house.

VIOLATION - Breach of any law or agreement.

VISUAL RIGHTS - The right to be able to see clearly as a general welfare right taking priority over a property right. Example: Restriction of structures or trees, shrubs, etc. at intersections if visibility is restricted as to cause a danger.

VITAL STATISTICS - Data regarding births, deaths, marriages, health records, etc. and usually kept by a governmental bureau. Federally, the Bureau of Vital Statistics.

VITREOUS - Relating to or resembling glass. Glassy.

VITRIFIED TILE - Clay pipes used in a disposal field.

VOID - Having no legal force or binding effect.

VOIDABLE - May be voided, but not void in itself.

VOLT - A term in electronics, being the force necessary to cause one ampere t flow through a conductor with a resistance of one ohm. Common household current is 110 volts, with a 220 volt circuit used for some heavy appliances. Industrial uses may require higher voltage.

VOLUNTARY LIEN - A lien places against real property by the voluntary act of the owner. Most commonly, a mortgage or deed of trust.