Real Estate Definitions - V

VA mortgage
A mortgage that is guaranteed by the Department of Veterans Affairs (VA).
VA Loan:
A Federal loan program available to qualified military service veterans. It is issued by qualified banks and savings and loans. The VA guarantees the lender against loss at in the event of foreclosure.
Valuable Consideration:
A legal right, promise, or act that has value or can be assigned a monetary value that one party offers the other as an inducement to enter into a contract.
In appraisal, value is the present worth of future benefits rising from the ownership of property. To have value, a property must have utility, scarcity, effective demand and transferability.
Variable Rate Loan:
(Adjustable Rate Mortgage) A loan with an Escalator Clause that allows the interest rate to go up or down over time.
The permission obtained from zoning authorities to conduct a use that is expressly prohibited by the current zoning laws. An exception from zoning ordinances.
The borrower/buyer under a Land Sales Contract. Generally, legal title remains with the seller/vendor and the vendee has only "Equitable Title" in the property until the debt is paid.
The seller who is also the lender under a Land Sales Contract. Generally, the Vendor keeps Legal Title as added security until all payments have been made on the debt.
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 However, taxes may be due on any funds that are actually withdrawn.
Veterans Administration (VA)
An agency of the federal government that guarantees residential mortgages made to eligible veterans of the military services. The guarantee protects the lender against loss and thus encourages lenders to make mortgages to veterans.
Veteran's Housing Act Of 1970:
A federal law which extended veteran's loan rights indefinitely and for the first time allowed VA loans to be placed on mobile homes used as a personal residence.
Veteran's Property Tax Exemption:
An Oregon property tax law that allows the first $7,500 of assessed value of residential property to be excluded from taxation for qualifying veterans or their non-remarried spouses.
The status of a document which is unenforceable as a contract because no contract exists. The document lacks some element required to be a contract.
Voidable Contract:
A flawed contract which appeared valid but now is in question. The injured party has the right of either holding the other party to the contract or terminating the contract. It is enforceable, valid and legal until the injured party exercises their right of avoidance. Lack of Mutual Consent or Competent Parties often creates a Voidable Contract.