VACANCY FACTOR - An allowance or discount for estimated
vacancies(unrented units) in a rental project. The vacancy rate
is the ratio between the number of vacant units and the total
number of units in a specified project or area.
VALUE - The power of a good or service to command other goods in
exchange for the present worth of future rights to income or
amenities; the present worth to typical users and investors of
future benefits arising out of ownership of a property.
VARIANCE - Permission obtained from governmental zoning
authorities to build a structure or conduct a use which is
expressly prohibited by the current zoning laws; an exception
from the zoning laws.
VENDEE - The purchaser of realty; the buyer. The buyer under an
agreement of sale.
VENDOR - The seller of realty. The seller under an agreement of
sale.
VOID - Having no legal force or binding effect; a nullity; not
enforceable. A contract for an illegal purpose (i.e. gambling)is
void.
VOIDABLE - A contract which appears valid and enforceable on its
face, but is subject to rescission by one of the parties who
acted under a disability, such as being a minor or being under
duress or undue influence; that which may be avoided or adjudged
void but which is not, in itself, void.
Spanish Fork Utah Real Estate
