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Term Definition
Valid

That which is sufficient in law; effective.

Valuation

Also known as "home evaluations," they are an analysis of the value of land or property based on market trends and the sales history of similar properties. Popular valuation sites include www.zillow.com and www.cyberhomes.com. Valuations are not the same as appraisal reports of the market value of the subject property prepared by licensed professional appraisers.

Vara

A measure of length used in Mexican land grants. It is approximately 33 inches.

Variable Interest Rate

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

Variance

A departure from the general rule, an exception.

Vendee

The purchaser of property.

Vendor

The seller of property.

Vendor's Lien

An implied lien given by law to the vendor for the remaining unpaid and unsecured part of a purchase price.

Venue

The county in which a lawsuit is brought or tried.

The county in which an acknowledgment is taken.

Verification

A sworn statement before a duly qualified officer, e.g., a notary public, that the matters set forth in a pleading or other document are true.

Vest

To give an immediate, fixed right in property, with either present or future injoyment of possession; also denotes the manner in which title is held.

Vested Interest

An interest in a property that is fixed or determined.

Vestee

The present record owner.

Veterans Administration (VA) Loans

Housing loans to veterans by banks, savings and loans, or other lenders that are guaranteed by the Veterans Administration, enabling veterans to buy a residence with little or no down payment.

Void

Binding on no one, constituting a nullity. Something which is conclusively of no effect, the defect of which is not subject to being waived, revitalized or cured by confirmation or ratification.

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