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

Valuation - The estimated worth of property.

Variable Rate Mortgage - Mortgage in which interest rate will fluctuate depending on terms of mortgage.

Variance - Permission obtained from zoning authorities permitting the construction of a building or structure that is forbidden by present zoning ordinances; a departure from the current zoning regulation.

Vendee - The purchaser; buyer

Vendor - The seller.

Venue - The geographic area in which a court has legal jurisdiction.

Verify - To confirm or substantiate by oath.

Vested Interest - A present right or title to realty, hut with possession delayed to some uncertain time in the future.

Veterans Administration (VA) - Also, Department of Veterans Affairs (DVA). An agency of the Federal Government, whose activities include guaranteed repayment of certain loans in the event of default.

Void - To have no force or effect; that which is unenforceable.

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

Voluntary Lien - Any lien placed on property with consent of. or as a result of. the voluntary act of the owner, e.g., a mortgage.