INNINGS

Vacancy and Collection Loss - The loss in potential rental income due to vacancies and the inability to collect rent due from tenants.

Vacation Leases or Licenses - A form of time share whereby resort property is leased (or obtained under a license) for a limited segment of time during each year and for the duration of a certain number of years. See also Time Share.

Valid - Having force, or binding force; legally sufficient and authorized by law.

Valuation - An estimate or opinion of value, normally market value. Also, the process of deriving a conclusion as to value. See Appraisal.

Value - The quantity of one commodity that can be obtained in exchange for another ("value-in-exchange"); also, the utility or usefulness of a commodity ("value-in-use"). As applied to property, the present worth, usually expressed in terms of money, of all right to future benefits arising from ownership.

VA Mortgage Loan - Mortgage loan guaranteed by the Veterans Administration.

Variable Rate Mortgage - A mortgage loan under which the lender may increase or decrease the interest rate periodically during the life of the loan in accordance with certain predetermined factor's or indices. See also Adjustable Rate Mortgage.

Variance - An exception to a zoning ordinance which may be granted by the governmental zoning authority authorizing a property use which is prohibited under the zoning ordinance.

Vendee - A purchaser; a buyer; the person to whom a thing is rendered or sold.

Vendor - A seller; the person who disposes of a thing for a consideration.

Veterans Administration (VA) - The federal agency that administers a wide range of programs, including housing programs, for the benefit of military veterans.

Visible Easements Doctrine - A doctrine stating that a purchaser of real estate takes title subject to certain visible easements even though the written sales contract and deed do not except the visible easement from the warranties of title.

Void - That which is unenforceable; having no force or effect.

Voidable - That which is capable of being adjudged void, but is not void unless action is taken to make it so.

Voidable Contract - A contract with a defect that can be raised by one of the parties in order to avoid performance.. If the defect is not raised, the contract is valid and enforceable.

Void Contract - An agreement that is treated as a complete nullity by the law.