Archives: Glossary

VENEER

Thin sheets of wood or other material, such as brick, usually covering less costly material.

VENT

An opening, usually a pipe or duct, which allows the passage of air or gas to release undesirable fumes from a building.

VENT PIPE

A pipe used for the elimination of sewer gases by allowing these gases to move from plumbing fixtures to a vent stack.

VENT STACK

A small chimney-like stack allowing ventilation through a roof.

VENTILATION

A system, natural or artificial, of providing fresh air circulation through a structure.

VENUE

(1) The county (or other geographical division) in which an action or prosecution is brought for trial and which is to furnish the panel of jurors. (2) The county in which an acknowledgement (notarization) is made.

VERANDA

An open porch alongside a building. Usually covered by a roof for protection from the sun or rain.

VERIFICATION

Confirmation of truth, correctness, or authenticity. Done by affidavit, oath, or deposition, all of which require sworn statements.

VERIFICATION OF DEPOSIT (VOD)

A written request (form) sent to a financial institution to check the accuracy of information supplied by a potential borrower on a loan application regarding the amount of the borrower’s funds.

VERIFICATION OF EMPLOYMENT (VOE)

A written request (form) sent to an employer to check the accuracy of information supplied by a potential borrower on a loan application regarding the borrower’s employment history.

VERIFICATION OF MORTGAGE

A written request (form) sent to a mortgagee to check the accuracy of information supplied by a potential borrower on a loan application regarding the payment history and amount owing on the borrower’s existing mortgage.

VERIFS

A slang term to describe the verifications required by a lender. See: Verification Of Deposit; Verification Of Employment; Verification of Mortgage.

VERIFY

To confirm, substantiate, or prove to be true.

VERTICAL

Up and down. Perpendicular to the surface of the Earth.

VEST

To give an immediate interest, as opposed to a contingent or future interest.

VESTED

Present ownership rights, absolute and fixed. Modernly, ownership rights, even though on a land contract or subject to a mortgage or deed of trust.

VESTED REMAINDER

A remainder interest which is certain. See: Remainder; Contingent Remainder.

VETERAN’S ADMINISTRATION (V.A.) LOANS

Housing loans to veterans by banks, savings and loans, or other lenders which are insured by the Veteran’s Administration, enabling veterans to buy a residence with little or no down payment.

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