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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taxes may be due on any funds that are actually withdrawn.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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