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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
10/17/18

Dramatic Decom Cost Cuts Needed
Posted on Tuesday October 16, 2018

Oil and gas operators worldwide need to dramatically slash the costs of decommissioning wells and installations, according to a new report from the Boston Consulting Group.

Global LNG Demand to Outperform
Posted on Tuesday October 16, 2018

Demand for LNG will post strong growth to 2027, outperforming the wider energy complex, according to oil and gas analysts at Fitch Solutions Macro Research.

Oil Steady as Data Shows Drop in Inventories
Posted on Tuesday October 16, 2018

Oil held gains after an industry report showed an unexpected drop in American crude stockpiles.

Oil Rises After Industry Reports Surprise US Crude Stock Draw
Posted on Monday October 15, 2018

Oil popped higher after an industry report showed an unexpected decline in US crude inventories.

Near Term Future of Saudi Oil Sector Examined
Posted on Tuesday October 16, 2018

Analysts from Verisk Maplecroft and EY comment on the near-term future of Saudi Arabia's oil and gas sector.

Nigerian Senate to Probe $3.5 Billion Spent by State Oil Firm
Posted on Monday October 15, 2018

Lawmakers in Nigeria will investigate $3.5 billion allegedly spent by the state oil firm on gasoline subsidies and expressed concern that the sum was not included in the national budget.

Natural Gas Helps Texans Save Almost $60B in 10 Years
Posted on Monday October 15, 2018

A new report by the Consumer Energy Alliance finds that Texas residents saved billions of dollars, thanks to natural gas production.

Gibson Jumps as Canadian Crude Woes Seen Boosting Tank Provider
Posted on Monday October 15, 2018

Gibson Energy Inc. surged the most in more than a year after announcing a plan to build 1 million barrels of new oil-tank space in Western Canada.

Shell, Equinor Commit to Tanzania LNG as They Await Host Accord
Posted on Monday October 15, 2018

Shell and Equinor say they're committed to a project that will allow the export of natural gas from Tanzania.

Tight Oil, Shale to Drive Majors' Output to New Highs
Posted on Monday October 15, 2018

By the middle of the next decade, US unconventionals will generate up to $20 billion of annual cash flow for the Lower 48.

Wall Street Journal
Commercial News

10/17/18

WSJ.com: Commercial Real Estate

CBRE Global Investors Buys Stake in Three GGP Malls
One of the world?s largest real-estate asset managers has purchased a 49% stake in three malls in a deal that values them at more than $1 billion and shows that investors still have an appetite for top-tier retail property.

FAO Schwarz Is Returning to New York
A dominant presence in Midtown Manhattan for decades before its closure in 2015, the toy store is coming to life again with a new, 20,000-square-foot Rockefeller Center location.

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.

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