Glossary of Real Estate Terms
This glossary is for informational purposes only and should not be used without legal counsel for the purpose of reading/understanding a contract.
V
- Valid Contract
A contract that complies with the four essential elements of a contract - capacity, consent, consideration and lawful object - and is binding and enforceable by all of its parties.
- Valuation
The estimated worth, price or the estimation thereof or the act of valuing a property by appraisal
- Value
The present worth of future benefits arising out of ownership to a typical user or investor.
- Variable Rate Mortgage
(VRM) An interest rate in a real estate loan which by the terms of the note varies upward or downward over the term of the loan depending on current money market conditions.
- Void Contract
An agreement that is not good and is entirely null and non binding on either party and which cannot be ratified because it lacks at least one of the four essential elements of a valid contract.
- Voidable
That which is capable of being adjudged void in a court of law but which is not in and of itself unless and until some action is taken to have it declared void.
- Voidable Contract
An agreement that is capable of being made void but is not null and void and so it must be either confirmed or voided.