Archives: Glossary

VICINAGE

(1) A neighborhood, vicinity. (2) A legal term signifying the county where a trial is held.

VILLA LOT

A term of no legal significance, used to describe a large lot upon which would be built an expensive house.

VISUAL RIGHTS

The right to be able to see clearly as a general welfare right taking priority over a property right. Example: Restriction of structures or trees, shrubs, etc., at intersections if visibility is restricted as to cause a danger.

VITAL STATISTICS

Data regarding births, deaths, marriages, health records, etc., and usually kept by a governmental bureau. Federally, the Bureau of Vital Statistics.

VITREOUS

Relating to or resembling glass. Glassy.

VOD

See: Verification Of Deposit.

VOID

Having no legal force or binding effect.

VOLT

A term in electronics, being the force necessary to cause one ampere to flow through a conductor with a resistance of one ohm. Common household current is 110 volts, with a 220 volt circuit used for some heavy appliances. Industrial uses may require higher voltage.

VOLUNTARY LIEN

A lien placed against real property by the voluntary act of the owner. Most commonly, a mortgage or deed of trust.

VOM

See: Verification Of Mortgage.

VOUCHER SYSTEM

Payment of subcontractors by issuing vouchers that are redeemed by the construction lenders. The purpose is to make sure that payment reaches the subcontractors and avoids mechanic’s liens.

VPR

See: Variable Price Ranging.

WAGES

A general term encompassing all pay given a hired person for his or her services, whether paid as a salary, commission, fee, etc.

WAINSCOTING

The covering of an interior wall with wood (usually panels), tiles, etc., from the floor to a point about half way to the ceiling: the remaining portion is painted, wallpapered, or covered with another material different from the lower portion.

WAIVE

To knowingly abandon, relinquish, or surrender a right, benefit, or claim.

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