Panama City Real Estate

Glossay - V

Vacancy

The number of units or space (of a specific commercial type) that are vacant and available for occupancy at a particular point in time within a given market (usually expressed as a vacancy rate).

Vacancy rate

The percentage of the total supply of units or space of a specific commercial type that is vacant and available for occupancy at a particular point in time within a given market.

Valid

A binding situation that is authorized and enforceable by law.

>Valuation

Estimated price, value, or worth. Also, the act of identifying a property's worth via an appraisal.

Variance

Government authorization to use or develop a property in a manner which is not permitted by the applicable zoning regulations.

VA mortgage

A mortgage that is guaranteed by the Department of Veterans Affairs (VA). Also known as a government mortgage.

Vested

Having the right to use a portion of a fund such as an individual retirement fund. For example, individuals who are 100 percent vested can withdraw all of the funds that are set aside for them in a retirement fund. However, taxes may be due on any funds that are actually withdrawn.

(VA) Department of Veterans Affairs

An agency of the federal government that guarantees residential mortgages made to eligible veterans of the military services. The guarantee protects the lender against loss and thus encourages lenders to make mortgages to veterans.

Violation

Act, condition, or deed that violates the permissible use of property.

Void

Something that is unenforceable.

Voidable

A situation which is capable of being unenforceable but is not so unless direct action is taken.

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Jennifer Mackay REALTOR®
Keller Williams Success Realty
2110 W. 23rd Street, Suite A. Panama City Fl 32405
Direct: (850) 774-6582
Office: (850) 392-1700
Fax: (850) 522-3697