Vaastu Shastra

A traditional architecture system that specifies the methodology of building a structure or buying land, etc

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Variance

An exception from the zoning ordinances; permission granted by zoning authorities to build a structure or conduct a use that is expressly prohibited by zoning ordinance.

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Variable rate mortgage

A mortgage loan that contains an interest rate provision related to a selected index. Under this provision, the interest rate may be adjusted annually either up or down.

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Value

The present worth of future benefits arising from the ownership of real property. To have value, a property must have utility, scarcity, effective demand, and transferability.

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Valid lease

An enforceable lease that has the following essential parts: lessor and lessee with contractual capacity, offer, and acceptance, the legality of the object, description of the premises, consideration, signatures, and delivery. Leases for more than one year also must be in writing.

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Valid contract

A contract that complies with all the essential elements on a contract and is binding and enforceable on all parties to it.

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