Real Estate Glossary
This glossary was created by a team of real estate professionals. It contains terms regarding real estate buying and selling, home finance, home improvement, as well as legal terms. For your convenience, the glossary is searchable alphabetically.
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VA
The Veterans Administration, a federal agency which guarantees loans made to qualified
veterans on approved property
vara
A measurement of length of 33 1/3 inches.
variable rate
An interest rate that changes periodically in relation to an index. Payments may
increase or decrease accordingly
variance
An exception to a zoning ordinance, usually granted by a local government. For
example, if you own an oddly shaped lot that could not accommodate a home in accordance
with your city's setback requirement, you could apply at the appropriate office
for a variance allowing you to build closer to a boundary line
vendee
Purchaser
vendor
Seller.
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
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