Glossary

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

V

VARIABLE INTEREST RATE: An interest rate that fluctuates with the current cost of money, subject to adjustment if the prevailing rate moves up or down.

VENDEE: The purchaser under a sale contract of real estate.

VENDOR: The seller under a sale contract of real estate.

VENDOR'S LIEN: An implied lien given by law to the vendor for the remaining unpaid and unsecured part of a purchase price.

VENUE: (1) The county in which a lawsuit is brought or tried. (2) The county in which an acknowledgment is taken.

VEST: To give an immediate, fixed right in property, with either present or future enjoyment of possession; also denotes the manner in which title is held.

VOID: Binding on no-one, constituting a nullity. Something which is conclusively of no effect, the defect of which is not subject to being waived, revitalized or cured by confirmation or ratification.

VOIDABLE: Sufficiently defective to make void, the deficiency, however, being curable by confirmation or ratification.

VOLUNTARY LIEN: A lien intentionally created by a debtor, e.g., mortgage or deed of trust, as contrasted with a judgment lien, which is an involuntary lien.