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Vara

A measure of length used in Mexican land grants. It is approximately 33 inches.

Variable Interest Rate

Also called "flexible interest rate." An interest rate that fluctuates as the prevailing rate moves up or down. In mortgages, there are usually maximums as to the frequency and amount of fluctuation.

Variance

A departure from the general rule, an exception.

Vendee

The purchaser of property.

Vendor

The seller of property.

Vendor's Lien

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

Venue

The county in which a lawsuit is brought or tried. The county in which an acknowledgment is taken.

Verification

A sworn statement before a duly qualified officer, e.g., a notary public, that the matters set forth in a pleading or other document are true.

Vest

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

Vested Interest

An interest in a property that is fixed or determined.

Vestee

The present record owner.

Veterans Administration (VA) Loans

Housing loans to veterans by banks, savings and loans, or other lenders that are guaranteed by the Veterans Administration, enabling veterans to buy a residence with little or no down payment.

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, deed of trust, as contrasted with a judgment lien, which is an involuntary lien.

Waiver

The voluntary and intentional relinquishment of a known right, claim or privilege.

Warranty

In a broad sense, an agreement or undertaking by a seller to be responsible for present or future losses of the purchaser occasioned by deficiency or defect in the quality, condition or quantity of the thing sold. In a stricter sense, the provision or provisions in a deed, lease or other instrument conveying or transferring an estate or interest in real estate under which the seller becomes liable to the purchaser for defects in or encumbrances on the title. (See Title Covenants.)

Warranty Deed

A deed containing express covenants of varying kinds, e.g., covenants of seisin and the right to convey, against all encumbrances, for quite enjoyment, etc., commonly used in many states.

Waste

The destruction or injury to premises by a tenant. The impairment in value by a life tenant or by a mortgagor or trustor.

Water Right

Right of a landowner to use water bordering on or underneath his land.

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