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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.
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.
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