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Valid
Having binding force; legally sufficient and authorized by law. Valuation The estimated worth of property. Variable Rate Mortgage Mortgage in which interest rate will fluctuate depending on terms of mortgage. Variance Permission obtained from zoning authorities permitting the construction of a building or structure that is forbidden by present zoning ordinances; a departure from the current zoning regulation. Vendee The purchaser; buyer. Vendor The seller. Venue The geographic area in which a court has legal jurisdiction. Verify To confirm or substantiate by oath. Vested Interest A present right or title to realty, but with possession delayed to some uncertain time in the future. Veterans Administration (VA) Also, Department of Veterans Affairs (DVA). An agency of the Federal Government, whose activities include guaranteed repayment of certain loans in the event of default. Void To have no force or effect; that which is unenforceable. Voidable That which is capable of being adjudged void, but is not void unless action is taken to make it so. Able to be voided. Voluntary Lien Any lien placed on property with consent of, or as a result of, the voluntary act of the owner. Waive To relinquish, or abandon; the abandonment of some claim or right. Warranty Deed A deed in which the grantor fully warrants a good clear title to the property; a deed that contains covenants of title. Waste Improper use or damage by one in possession such as tenant or vendee. Wrap-around Mortgage A method of financing in which a new mortgage is placed in a secondary position; an all-inclusive mortgage. Writ of Execution A writ or court order authorizing and directing an officer of the court to carry out the judgment or decree of the court. Yield The return on an investment; the amount of profit made as a percentage of the amount invested. Zone An area set aside for specific use, subject to certain restrictions or restraints; also part of tax map description. Zoning An act of the city or county authorities by exercise of police power in regulating, controlling or specifying the type of use to which the property may be put in specific ares. |
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