The Internet Real Estate Glossary

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VA – See “Veteran’s Administration.”

VA No-Bid - The foreclosure bid option that the Veterans Administration may elect when the net value of the loan security is less than the non-guaranteed portion of the indebtedness. If the VA makes this election, the lender may file a claim for the guaranteed portion of the debt only. The property may not be transferred to the VA.

VA loan - Home loan guaranteed by the Department of Veterans Affairs enabling a veteran to buy a home with no money down.

Valid Contract - A binding agreement containing all of the essential legal elements.

Valuable Consideration - Anything of value offered as an inducement. (Money, ring, boat, etc.)

Valuation - The estimated worth or price. The act of valuation by appraisal.

Variable Interest Rate - amount of compensation to a lender that is allowed to vary over the maturity of a loan, typically governed by an appropriate index.

Variable Rate Mortgage - long-term mortgage loan applied to residences, under which the interest rate may be adjusted on a six month basis over the term of the loan, according to certain restrictions.

Variance - A type of safety valve to allow a property owner, who is unfairly burdened by zoning restrictions, to find relief.

Vendee - A purchaser or buyer of an item. Generally used as the purchaser of real property.

Vendor - The person who transfers property or goods by sale. A seller of goods or services.

Venue - The county or geographical area in which a court with jurisdiction may hear and determine a case.

Verification of deposit (VOD) - A document signed by the borrower’s bank or other financial institution verifying the account balance and history.

Verification of employment - A document signed by the borrower’s employer verifying his starting date, job title, salary and probability of continued employment.

Veteran - A individual who has served a minimum of 181 days’ active service since September 16, 1940. Service requirements are 90 days for veterans of World War II, the Korean War, and the Viet Nam conflict; two full years for those enlisting for the first time after September 7, 1980.

Veterans Administration (VA) - An independent federal agency that administers a system of benefit programs for veterans and their dependents. Effective in 1989 the former Veterans Administration became the Department of Veterans Affairs. (See “SCRA.”)

Void - An action or event that is null and of no effect. Some courts hold that actions taken in violation of the automatic stay are void (as opposed to voidable).

Voidable - An action or event that is capable of being declared null, of no effect or adjudged invalid. In a bankruptcy proceeding, some courts hold that actions taken in violation of the automatic stay are voidable, but not void.

Voidable Contract - An agreement in which one or more of the parties may elect to avoid or to ratify the legal obligations created by the contract. Minor, someone under duress.

Voluntary Alienation - The transfer of title by a deed.

Voluntary bankruptcy - A bankruptcy proceeding that is initiated by the debtor.

Voluntary Conveyance - (See “Deed-in-lieu.”)

This real estate glossary is courtesy of the Internet Real Estate Center - Join the Online Real Estate Revolution.