Real Estate Glossary

This list is provided for reference only. Each state has it's own real estate laws, terms and regulations for Realtors. In Arizona, your Realtor and Title Company handle most real estate transaction activities that involve attorneys in many other states. However, you have the right to seek the advice of an attorney or other professional counsel in any real estate transaction.

VA - The Veterans Administration, a federal agency which guarantees loans made to qualified veterans on approved property.

Var - A measurement of length of 33¹/₃ inches.

Variable Rate - An interest rate that changes periodically in relation to an index. Payments may increase or decrease accordingly.

Vendee - Purchaser.

Vendor - Seller.

Void - Having no legal force or effect; legally invalid.

Voidable - A contract which appears valid and enforceable on the surface, but may be declared invalid by one of the parties, such as a contract entered into by a minor.