USEFUL LIFE
(1) In appraisal for sale purposes, the true economic value of a building in terms of years of use to the owner. (2) For tax purposes, the life set for depreciation. At any time during that period, a new life could begin for a new owner.
USUFRUCT
The right to use and profit from property vested in another, so long as the user (usufructuary) does not change the substance of the property. Would include an easement but not a profit a prendre.
USUFRUCTUARY
One who has a usufruct.
USURY
Charging an illegal rate or amount of interest on a loan.
UTILITIES
Public or private suppliers of water, electricity, gas, telephone and sewers that serve a property or the public or private companies that supply them.
UTILITY
Practical usefulness, as opposed to frivolity.
UTILITY ROOM
A room used for laundry, heating equipment, telephone wiring, or janitorial purposes.
VA
See: Department of Veterans Affairs.
VA ESCAPE CLAUSE
A clause stating that the buyer (borrower) shall not be obligated to buy nor shall any deposit be lost if the appraisal is less than the agreed upon amount.
VA LOAN
See: VA Mortgage.
VA MORTGAGE
A loan guaranteed by The Department of Veterans Affairs. These loans are restricted to eligible veterans and require little or no down payment.
VA MORTGAGE FUNDING FEE
A closing cost either paid in full at closing or financed. It is one of the costs to obtain a VA guaranteed loan.
VACANCY
A place which is empty (vacant). The term is generally used to describe a property available for rent.
VACANCY FACTOR
The estimated percentage of vacancies in a rental project. May be based on past records of the property, or a professional guess if a new project. Surrounding area buildings, if similar, may be used for comparison.
VACANCY RATE
See: Vacancy Factor.
VACANT LAND
Land without buildings. May or may not have improvements, such as grading, sewers, etc.
VACATE
(1) To move out. (2) A legal term meaning to set aside or annul, as to vacate a judgment.
VALID
Legally binding. Properly carried out in accordance with legal procedures.
VALLEY
(1) The concave angle formed by the two sloping sides of a roof. (2) Low land between hills or mountains.
VALLEY FLASHING
Waterproofing (flashing) applied to the concave joint (valley) of a roof.
VALLEY RAFTER
A rafter (beam) which forms the apex of the interior angle of a valley roof.
