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Glossary

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

Vacancy Factor - An allowance or discount for estimated vacancies(unrented units) in a rental project. The vacancy rate is the ratio between the number of vacant units and the total number of units in a specified project or area.

Value - The power of a good or service to command other goods in exchange for the present worth of future rights to income or amenities; the present worth to typical users and investors of future benefits arising out of ownership of a property.

Variance - Permission obtained from governmental zoning authorities to build a structure or conduct a use which is expressly prohibited by the current zoning laws; an exception from the zoning laws.

Vendee - The purchaser of realty; the buyer. The buyer under an agreement of sale.

Vendor - The seller of realty. The seller under an agreement of sale.

Void - Having no legal force or binding effect; a nullity; not enforceable. A contract for an illegal purpose (i.e. gambling)is void.

Voidable - A contract which appears valid and enforceable on its face, but is subject to rescission by one of the parties who acted under a disability, such as being a minor or being under duress or undue influence; that which may be avoided or adjudged void but which is not, in itself, void.



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Coldwell Banker The Real Estate Group Realty of Aurora, IL

Contact Info

Erin Hill — Ph 630-336-5962
Jerry Hill — Ph 630-336-5963

1242 Eola Road, Ste. F
Aurora, IL 60502