V-cap
A specially shaped piece of ceramic tile used at the edge of a
counter to trap liquids.
VA (Veterans Administration)
Department of Veterans Affairs: a federal agency which guarantees loans made to veterans; similar to mortgage insurance, a loan guarantee protects lenders against loss that may result from a borrower default.
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 INTEREST RATE
An interest rate that fluctuates with
the current cost of money, subject to adjustment if the prevailing
rate moves up or down.
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
An implied lien given by law to a vendor for the
remaining unpaid and unsecured part of a purchase price.
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.
VENUE
Neighborhood. Often used to refer to the county or place
in which an acknowledgment is made before a notary. Also refers to
the county in which a lawsuit may be filed or tried.
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.
VESTING
The names, status and manner in which title of
ownership is held with a fixed or determinable interest in a
particular parcel of real property. Also that portion of a title
report or policy setting forth the above.
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.