VARIABLE
INTEREST RATE:
An interest rate that fluctuates with the current
cost of money, subject to adjustment if the prevailing
rate moves up or down.
VENDEE:
The purchaser under a sale contract of real estate.
VENDOR:
The seller under a sale contract of real estate.
VENDOR'S
LIEN:
An implied lien given by law to the vendor for
the remaining unpaid and unsecured part of a purchase
price.
VENUE:
(1) The county in which a lawsuit is brought or
tried. (2) The county in which an acknowledgment
is taken.
VEST:
To give an immediate, fixed right in property,
with either present or future enjoyment of possession;
also denotes the manner in which title is held.
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 or deed of trust, as contrasted with
a judgment lien, which is an involuntary lien.
