VA (Veterans Administration)
A federal agency designed to help veterans enter the housing
market.
VA Loan
A loan guaranteed by the U.S. Department of Veterans Affairs
(VA). VA loans are made to honorably discharged veterans or
their unremarried widows or widowers. Such loans require a
minimal or no down payment and offer lower interest rates.
VA mortgage
A mortgage that is guaranteed by the Department of Veterans
Affairs (VA). Also known as a government mortgage.
Valid contract
Legally binding; authorized
Vara
A measurement of length of 33 1/3 inches in Texas.
Variable rate
An interest rate that changes periodically in relation to
an index. Payments may increase or decrease accordingly.
Variance
An indulgence granted by a local zoning commission or authority
to allow a non-conforming use of a property to continue.
Vendee
Purchaser.
Vendor
Seller.
Vested
Having the right to use a portion of a fund such as an individual
retirement fund. For example, individuals who are 100 percent
vested can withdraw all of the funds that are set aside for
them in a retirement fund. However, taxes may be due on any
funds that are actually withdrawn.
View ordinance
A law adopted by some cities or towns with desirable vistas--such
as those in the mountains or overlooking the ocean--that protects
a property owner from having his or her view obstructed by
growing trees. View ordinances don't cover buildings or other
structures that may block views.
Village acre
A lot size used in the Houston area to denote a 40,000 square
foot parcel. In the Memorial Villages of Bunker Hill, Hedwig,
Hillshire, Hunter's Creek, Piney Point and Spring Valley,
lot sizes are often expressed in village acres or a fractions
of village acres. The term was coined by developers who successfully
lobbied for slighty smaller, minimum lot size requirements,
in the cities' zoning regulations.
Virtual home tour
Any method used to provide internet users with a graphical
presentation of a home, or homes. Presentations may include
web pages, java applets, streaming video, panoramic images
and bubble views.
Void
Having no legal force or effect; legally invalid.
Voidable
A contract which appears valid and enforceable on the surface,
but may be declared invalid by one of the parties, such as
a contract entered into by a minor.
Voidable contract
A contract that may be treated as legally unenforceable at
the option of a party (usually the injured party) but remains
enforceable until that party exercises her option.
Voluntary alienation
Transfer of title to an asset with the consent of the owner.
Voluntary lien
A cliam that is recorded/registered with the consent of the
owner.
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