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A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z

VA - Also See: Department of Veterans Affairs.

VA ESCAPE CLAUSE - clause stating that the buyer (borrower) shall not be obligated to buy nor shall any deposit be lost if the appraisal is less than the agreed upon amount.

VA LOAN - Also See: VA Mortgage.

VA MORTGAGE - loan guaranteed by The Department of Veterans Affairs. These loans are restricted to eligible veterans and require little or no down payment.

VA MORTGAGE FUNDING FEE - closing cost either paid in full at closing or financed. It is one of the costs to obtain a VA guaranteed loan.

VACANCY - place which is empty (vacant). The term is generally used to describe a property available for rent.

VACANCY FACTOR - estimated percentage of vacancies in a rental project. May be based on past records of the property, or a professional guess if a new project. Surrounding area buildings, if similar, may be used for comparison.

VACANCY RATE - Also See: Vacancy Factor.

VACANT LAND - Land without buildings. May or may not have improvements, such as grading, sewers, etc.

VACATE - (1) To move out. (2) A legal term meaning to set aside or annul, as to vacate a judgment.

VALID - Legally binding. Properly carried out in accordance with legal procedures.

VALLEY - (1) concave angle formed by the two sloping sides of a roof. (2) Low land between hills or mountains.

VALLEY FLASHING - Waterproofing (flashing) applied to the concave joint (valley) of a roof.

VALLEY RAFTER - rafter (beam) which forms the apex of the interior angle of a valley roof.

VALLEY ROOF - roof, the exterior surface of which forms a concave angle, having the edges higher than the center.

VALUABLE CONSIDERATION - legal term meaning any consideration sufficient to support a contract. The word "valuable" does not mean of great value but merely having value.

VALUATION - estimating of value. Appraisal.

VALUATOR - Also See: Appraiser.

VALUE - (1) usefulness of an object. (2) The monetary worth of an object. (3) A shortening of the term valuable consideration, as in a purchaser "for value".

VALUE AFTER THE TAKING - In the case of a partial taking under eminent domain, the value of the part not taken.

VALUE BEFORE THE TAKING - market value of a property before condemnation.

VALUE IN PLACE - market value of an improvement in place, as opposed to value in use.

VALUE IN USE - (1) value to a specific owner of a property or improvement. Usually much greater than market value. (2) The value of a property for a specific use. Also called Use Value.

VALVE - device, operated automatically or manually, to regulate the flow of a gas or liquid, or to prevent the return of the gas or liquid to its source.

VAPOR BARRIER - placing of moisture retarding material, such as paints, foil, treated paper, etc., on or in walls to prevent condensation.

VARA - Spanish or Portuguese unit of measure of approximately 33 inches.

VARIABLE INTEREST RATE - interest rate which fluctuates as the prevailing rate moves up or down. In mortgages there are usually maximums as to the frequency and amount of fluctuation. Also called "flexible interest rate".

VARIABLE OPERATING EXPENSES - Those expenses which vary (usually with occupancy). Example: Maintenance costs vary with the number of units occupied. Property taxes are fixed under the same conditions.

VARIABLE PRICE RANGING - Pricing property within a price range rather than at an exact price. The ranges are published in local newspapers and each range is assigned a number. The number corresponding to a particular property is displayed on the "for sale" sign. A prospective buyer can look at the sign and know the approximate amount (the range) that the seller expects to be offered.

VARIABLE RATE MORTGAGE - Also See: Adjustable Mortgage Loan.

VARIANCE - Change of a portion of zoning requirements without changing the zoning.

VARNISH - finish for wood which gives a transparent protective covering. Composed of resins dissolved in oil.

VAULT - (1) arched ceiling or roof. (2) A room or enclosure used for the storage of valuables.

VENDEE - Purchaser or buyer, especially on a land contract.

VENDOR - person who transfers property by sale. Another word for "seller". Commonly used in land contract sales.

VENEER - Thin sheets of wood or other material, such as brick, usually covering less costly material.

VENEERED CONSTRUCTION - placing of a facing material over the external surface of a structure.

VENT - opening, usually a pipe or duct, which allows the passage of air or gas to release undesirable fumes from a building.

VENT PIPE - pipe used for the elimination of sewer gases by allowing these gases to move from plumbing fixtures to a vent stack.

VENT STACK - small chimney-like stack allowing ventilation through a roof.

VENTILATION - system, natural or artificial, of providing fresh air circulation through a structure.

VENTURE CAPITAL - equity investment, usually connoting risk.

VENUE - (1) county (or other geographical division) in which an action or prosecution is brought for trial and which is to furnish the panel of jurors. (2) The county in which an acknowledgement (notarization) is made.

VERANDA - open porch alongside a building. Usually covered by a roof for protection from the sun or rain.

VERGEBOARD - Also See: Barge-board.

VERIFICATION - Confirmation of truth, correctness, or authenticity. Done by affidavit, oath, or deposition, all of which require sworn statements.

VERIFICATION OF DEPOSIT (VOD) - written request (form) sent to a financial institution to check the accuracy of information supplied by a potential borrower on a loan application regarding the amount of the borrower's funds.

VERIFICATION OF EMPLOYMENT (VOE) - written request (form) sent to an employer to check the accuracy of information supplied by a potential borrower on a loan application regarding the borrower's employment history.

VERIFICATION OF MORTGAGE - written request (form) sent to a mortgagee to check the accuracy of information supplied by a potential borrower on a loan application regarding the payment history and amount owing on the borrower's existing mortgage.

VERIFS - slang term to describe the verifications required by a lender. Also See: Verification Of Deposit; Verification Of Employment; Verification of Mortgage.

VERIFY - To confirm, substantiate, or prove to be true.

VERTICAL - Up and down. Perpendicular to the surface of the Earth.

VEST - To give an immediate interest, as opposed to a contingent or future interest.

VESTED - Present ownership rights, absolute and fixed. Modernly, ownership rights, even though on a land contract or subject to a mortgage or deed of trust.

VESTED REMAINDER - remainder interest which is certain. Also See: Remainder; Contingent Remainder.

VETERAN'S ADMINISTRATION (V.A.) LOANS - Housing loans to veterans by banks, savings and loans, or other lenders which are insured by the Veteran's Administration, enabling veterans to buy a residence with little or no down payment.

VETERAN'S TAX EXEMPTION - state exemption for property taxes granted qualified veterans or their widows. Not in every state.

VICINAGE - (1) neighborhood, vicinity. (2) A legal term signifying the county where a trial is held.

VILLA LOT - term of no legal significance, used to describe a large lot upon which would be built an expensive house.

VILLAGE - small community.

VIOLATION - Breach of any law or agreement.

VISUAL RIGHTS - right to be able to see clearly as a general welfare right taking priority over a property right. Example: Restriction of structures or trees, shrubs, etc., at intersections if visibility is restricted as to cause a danger.

VITAL STATISTICS - Data regarding births, deaths, marriages, health records, etc., and usually kept by a governmental bureau. Federally, the Bureau of Vital Statistics.

VITREOUS - Relating to or resembling glass. Glassy.

VITRIFIED TILE - Clay pipes used in a disposal field.

VOD - Also See: Verification Of Deposit.

VOID - Having no legal force or binding effect.

VOIDABLE - May be voided, but not void in itself.

VOLT - term in electronics, being the force necessary to cause one ampere to flow through a conductor with a resistance of one ohm. Common household current is 110 volts, with a 220 volt circuit used for some heavy appliances. Industrial uses may require higher voltage.

VOLUNTARY LIEN - lien placed against real property by the voluntary act of the owner. Most commonly, a mortgage or deed of trust.

VOM - Also See: Verification Of Mortgage.

VOUCHER SYSTEM - Payment of subcontractors by issuing vouchers that are redeemed by the construction lenders. The purpose is to make sure that payment reaches the subcontractors and avoids mechanic's liens.

VPR - Also See: Variable Price Ranging.

Whatever your financing needs,
we will tailor a loan that's right for you.

 
 
 


Daily Oil & Gas and Wall Street Journal News
8/20/19

Oil Prices Keep Climbing
Posted on Monday August 19, 2019

WTI and Brent finished higher for the third consecutive trading day.

US Sanctions Force Iran to Ditch Cleaner Fuels Push
Posted on Monday August 19, 2019

Iran is about to burn a lot more fuel oil as a result of U.S. sanctions and new global shipping rules, reversing the nation's progress in switching to cleaner-burning natural gas.

BHGE Wins Louisiana LNG Project
Posted on Monday August 19, 2019

Earlier Tuesday, Venture Global noted that it had reached a favorable final investment decision and closed project financing.

Newly-Formed Indianola Energy Gets $100MM Equity Commitment
Posted on Monday August 19, 2019

U.S. investment firm Kayne Anderson has launched a new venture to pursue the acquisition and development of highly-proven resource plays in North America.

Motiva to Join US Chemical Industry
Posted on Monday August 19, 2019

Flint Hills Resources' Port Arthur Chemical Plant in Southeast Texas. PHOTO SOURCE: Flint Hills Resources

Shale Bond Buyers Get Picky
Posted on Monday August 19, 2019

After years pouring funds into the shale boom, bond buyers are getting increasingly selective.

Aramco Said to Pick Lazard and Moelis for IPO
Posted on Monday August 19, 2019

Saudi Aramco has picked Lazard Ltd and Moelis and Co to advise on the oil giant's second attempt at the world's largest IPO, people with knowledge of the matter said.

Subsea 7 Urges Engineers to Convert to Oil
Posted on Monday August 19, 2019

Subsea 7 is inviting experienced engineers from all sectors to forge a new career in the subsea oil and gas industry.

Equinor Makes Sputnik Oil Find
Posted on Monday August 19, 2019

Equinor makes an oil discovery in the Sputnik exploration well offshore Norway.

Oil Steadies as Demand Concerns Allayed
Posted on Monday August 19, 2019

Oil steadied near $56 a barrel as hints of trade detente between the U.S. and China and the prospect of monetary stimulus buoyed financial markets.

Wall Street Journal
Commercial News

8/20/19


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Charles Elfsten, President
Charles A. Elfsten
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