A B C D E F G H I J K L M N O P Q R S T U [V] W X Y & Z
Valid contract – A contract that complies with all the essentials of a contract and is binding and enforceable on all parties to it.
VA loan – A mortgage loan on approved property made to a qualified veteran by an authorized lender and guaranteed by the Department of Veterans Affairs in order to limit the lender’s possible loss.
Value – The power of a good or service to command other goods in exchange for the present worth of future rights to its income or amenities.
Variance – Permission obtained from zoning authorities to build a structure or conduct a use that is expressly prohibited by the current zoning laws; an exception from the zoning ordinances.
Vendee – A buyer, usually under the terms of a land contract.
Vendor – A seller, usually under the terms of a land contract.
Vendor’s lien – A lien that belongs to a vendor for the unpaid purchase price of land, where the vendor has not taken any other lien or security beyond the personal obligation of the purchaser.
Voidable contract – A contract that seems to be valid on the surface but may be rejected or disaffirmed by one or both of the parties.
Void contract – A contract that has no legal force or effect because it does not meet the essential elements of a contract.
Voluntary alienation – The legal terms for the voluntary transfer of title. See also alienation.
Voluntary lien – A lien placed on property with the knowledge and consent of the property owner.
