Real Estate Glossary "V"
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
vacancy levels - The percentage of building units that are not occupied. variable lease - A lease agreement that allows for changes in the rent. May be an index or graduated lease. variance - An exception to the zoning law. Often granted if strict enforcement of the zoning law would force an undue hardship on the property owner. vendee lien - A lien that protects a buyer. vendor lien - A lien that protects a seller. Vendor Purchaser Risk Act - A law that defines which party suffers a loss if property is destroyed before closing a transaction. voidable contract - An agreement that can be rejected or disaffirmed by one or both of the parties. void contract - An agreement that does not satisfy the required contract elements and has no legal force or effect. voluntary alienation - Transferring title to real estate by the will and consent of the owner. |
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