VACANCY and COLLECTION
LOSS
A deduction from potential gross income for (1) current or expected future space
not rented due to tenant turnover and (2) loss from uncollected rent due from
delinquent tenants. VACATE
To set aside, cancel, or annul; to leave empty. VALID
Sufficient to be legally binding; enforceable. VALID CONTRACT
An agreement binding on both parties and legally enforceable against all parties
to the agreement. VALUE
The worth of something. VARIANCE
An exception to zoning regulations or ordinances granted to relieve a hardship. VENDEE
The buyer or purchaser of real property under an agreement of sale. VENDOR
The seller of real property in a agreement of sale. VENDOR'S LIEN
A claim against real property giving the seller the right to hold the property
as security for any unpaid purchase money. VETERAN'S AFFAIRS, DEPARTMENT OF (DVA)
Guarantees mortgage loans to encourage private lending agencies to give liberal
mortgages to veterans and their spouses. VOID
Invalid; without force; no longer effective. VOLUNTARY LIEN (VOLUNTARY ALIENATION)
A claim imposed against real property with the consent of the owner (e.g.,
mortgage, vendor's lien).
