|Valid contract |
One that meets all requirements of law, is binding upon its parties, and is enforceable in a court of law.
Estimated or determined value; synonymous with appraising.
Market value or present worth. To have value, a property must have utility, scarcity, effective demand, and transferability.
|Variable rate mortgage |
See adjustable rate mortgage.
A permit granted as an exception to a zoning ordinance that allows a property owner to meet certain specified needs.
|VA loan |
Veterans Administration-backed mortgage. The VA, a federal agency, operates a loan guarantee program for honorably discharged veterans and widows of veterans who died of a service-related injury. Mortgages call for low or no downpayment. Sometimes referred to as GI loan.