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Real Estate Glossary of Terms
Looking for the definition of a real estate
term? Click on a letter of the alphabet below to go to that letter's
corresponding page of terms.
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VACANCY FACTOR - An allowance or
discount for estimated vacancies (un-rented units) in a rental project. The
vacancy rate is the ratio between the number of vacant units and the total
number of units in a specified project or area.
VALUE
- The power of a good or service to command other goods in exchange for the
present worth of future rights to income or amenities; the present worth to
typical users and investors of future benefits arising out of ownership of a
property.
VARIANCE - Permission obtained
from governmental zoning authorities to build a structure or conduct a use
which is expressly prohibited by the current zoning laws; an exception from
the zoning laws.
VENDEE - The purchaser of real
estate; the buyer; the buyer under an agreement of sale.
VENDOR - The seller of real
estate; the seller under an agreement of sale.
VOID
- Having no legal force or binding effect; a nullity; not enforceable. A
contract for an illegal purpose (i.e. gambling) is void.
VOIDABLE - A contract which
appears valid and enforceable on its face, but is subject to rescission by
one of the parties who acted under a disability, such as being a minor or
being under duress or undue influence; that which may be avoided or adjudged
void but which is not, in itself, void.
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