A contract that complies with all the essentials of a
contract and is binding and enforceable with all
A government-sponsored mortgage assistance program
administered by the Department of Veterans Affairs.
Under the Servicemen's Readjustment Act of 1944,
eligible veterans and widows or widowers (who have not
re-married) of veterans who died in service or from
service-connected causes may obtain partially guaranteed
loans for the purchase or construction of a house or to
refinance existing mortgage debt.
The estimated percentage of vacancies in a rental
A binding agreement which contains all the essential
elements to make it enforceable in a court of law.
The measure of the monetary equivalent of a property.
The four essential elements of value are utility,
scarcity, demand and transferability. Cost does not
equal value nor does equity.
There are various types of value, such as market value,
tax assessed value, book value, insurance value, use
value, par value, rental value and replacement value. By
far, the type of value used for the largest number of
real estate transactions is market value.
value in exchange
The market value of a property.
value in use
The value of a property as used for a specific purpose.
Operating expenses that fluctuate with occupancy, such
as utilities and maintenance costs.
Allows for increases in the rental charges during the
lease period. One of the more common is the graduated
lease which provides for specified rent increases at set
future dates. Another is the index lease, which allows
rent to be increased or decreased periodically based on
changes in the consumer price index or some other
Permission obtained from governmental zoning authorities
to build a structure or conduct a use that is expressly
prohibited by the current zoning lows; an exception from
the zoning laws. A variance gives some measure of
elasticity to the zoning game.
A single item in a group.
The purchaser of realty; the buyer. The buyer under a
The seller of realty. The seller under a land contract.
In some cases, the vendor may not be the owner--he or
she might be the holder of an option.
Confirmation under oath of the truthfulness of a
Veteran's Administration (VA)
Federal agency providing assistance to veterans,
including the guarantee of VA mortgage loans.
Department of Veterans Affairs Website
Having no legal force or binding effect; a nullity; not
enforceable. A void agreement is no contract at all. A
void contract need not be disaffirmed, nor can it be
ratified. A contract for an illegal purpose (for
example, gambling) is void. A voidable contract is one
that is able to be voided. Voidable implies a valid act
that may be rejected by an act of disaffirmance, rather
than an invalid act that may be confirmed. For example,
if a minor contracts to buy a diamond ring, the contract
can be voided by the minor because of lack of sufficient
age. If, however, the minor elects to enforce the
contract, the contract is valid and the other party
cannot assert the minor's lack of age as a defense.
A contract that seems to be valid on the surface but may
be rejected or disaffirmed by one or both of the
Voluntarily signing over to a lender the property
pledged as collateral on a defaulted loan.
A lien placed on property with the knowledge and consent
of the property owner.