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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
8/14/18

Rule Change Cuts Demand for Canadian Oil
Posted on Monday August 13, 2018

Canadian heavy oil producers are facing a new barrier to marketing their crude.

Services Firm's Aberdeen Base Sees Increased Demand, Results in Office Move
Posted on Monday August 13, 2018

Ampelmann says its Aberdeen base has experienced increased business demand in recent months.

Unite Members Accept New Aker Mariner Offer
Posted on Monday August 13, 2018

UK union Unite confirms that members working for Aker Solutions on the Statoil Mariner oil platform have accepted an improved pay offer.

Global Upstream Project Delivery 'Finally Hitting the Mark'
Posted on Monday August 13, 2018

Global upstream project delivery is 'finally hitting the mark', according to Wood Mackenzie.

Oil Drops on Strong Dollar, Turbulence in Turkey
Posted on Sunday August 12, 2018

Oil drops as economic turbulence in Turkey and the strengthening greenback heightens concerns about global oil demand.

Saudi Cuts Oil Output As OPEC Points To 2019 Surplus
Posted on Sunday August 12, 2018

OPEC forecast lower demand for its crude next year as rivals pump more and said top oil exporter Saudi Arabia, eager to avoid a return of oversupply, had cut production.

PetroChina Mulls Suspending US LNG Purchases
Posted on Sunday August 12, 2018

PetroChina may temporarily halt purchases of US LNG spot cargoes through the winter to avoid potential tariffs amid a trade conflict.

ConocoPhillips to Cut US Staff in September
Posted on Sunday August 12, 2018

Oil and gas producer ConocoPhillips will be implementing modest workforce reductions.

Iraq And Petrofac Sign $369MM Deal To Build Majnoon Crude-Processing Plant
Posted on Sunday August 12, 2018

Iraq signs a $369 million contract with Petrofac to build a new crude-processing facility in the giant Majnoon oilfield.

Merkel, Putin To Discuss Syria, Ukraine And Energy
Posted on Sunday August 12, 2018

Chancellor Angela Merkel and President Vladimir Putin will discuss the war in Syria, the conflict in east Ukraine and a disputed pipeline.

Wall Street Journal
Commercial News

8/14/18

WSJ.com: Commercial Real Estate

Sportswear-Maker Puma to Open New York Flagship
Germany?s Puma has signed a lease deal to creating a marquee location on Fifth Avenue that will be the first of its kind for the company in North America.

Kushner Cos., Brookfield Near a Deal for Stake in 666 Fifth Ave.
The real estate arm of Brookfield Asset Management is in advanced talks with Kushner Cos. to buy roughly a 50% stake in 666 Fifth Ave. and invest hundreds of millions of dollars in the Manhattan office tower, which has been at the center of a controversy over possible conflicts of interest involving Jared Kushner, President Donald Trump?s son-in-law and adviser.

Sign of the Times: New Office Space Created in Retail's Tumult
Normandy Real Estate Partners? $133 million deal for the upper portion of ABC Carpet?s flagship store is an example of office space edging into territory that once was retail?s domain.

Want to Buy a Luxury Hotel in the U.S.? Try China's Insurance Regulator
When Chinese regulators seized control of Anbang Insurance, they took ownership of more than a dozen luxury U.S. hotels. Now, as the government looks to sell, it faces a problem: The buildings likely are worth less than what Anbang paid only a couple of years ago.

New York's Commercial Property Slump Shows Signs of Slowing
After a two-year plunge, brokers are optimistic that more deals will take place in 2018.

NYC Council Stops Midtown Tower Construction
Work on an 800-foot-tall tower in East Midtown that has been under construction for six months was halted last week following a vote by the New York City Council to limit skyscrapers in the area,.

Malls Never Wanted Gyms. Now They Court Them
Mall owners long treated gyms, massage parlors, and billiards halls as unwanted tenants that attracted lower-rent visitors who were unlikely to shop. Now they?re giving health clubs some of their best real estate.

BRE #:00619059
Charles Elfsten, President
Charles A. Elfsten
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