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| 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. |
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| Vacancy Rate | The total amount of available space compared to the total inventory of space and expressed as a percentage. This is calculated by multiplying the vacant space times 100 and then dividing it by the total inventory. |
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| Vacant Space | Refers to existing tenant space currently being marketed for lease. This excludes space available for sublease. |
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| Valid | A binding situation that is authorized and enforceable by law. |
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| Valuation | Estimated price, value, or worth. Also, the act of identifying a property's worth via an appraisal. |
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| 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. |
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| 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. |
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| Vendee | The purchaser of realty; the buyer. The buyer under an agreement of sale. |
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| Vendor | The seller of realty. The seller under an agreement of sale. |
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| Violation | Act, condition, or deed that violates the permissible use of property. |
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| Void | Having no legal force or binding effect; a nullity; not enforceable. A contract for an illegal purpose (i.e. gambling)is void. |
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| 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. |
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