Definition: a deduction from potential gross income for (1) current or expected future space not rented due to tenant turnover and (2) loss from uncollected rent due from delinquent tenants. Pronunciation: Used in a Sentence: We factored in vacancy and collection losses when reviewing the income statement on the apartment..
Category : V
Definition: the percentage of rental units that are not occupied Pronunciation: \ˈvā-kən(t)-sē\ Used in a Sentence: The vacancy rate in the office building was less..
Definition: sufficient to be legally binding; enforceable Pronunciation: \ˈva-ləd\ Used in a Sentence: For a contract to be considered valid it must comply with the provisions of contract law and contain the four essential elements- competent parties, mutual assent, legal purpose, cons..
Definition: the money or a promise of something that can be measured in terms of money Pronunciation: \ˈval-yə-bəl\ \kən-ˌsi-də-ˈrā-shən\ Used in a Sentence: Valuable consideration is always sufficient to support a..
Definition: the worth of something Pronunciation: \ˈval-(ˌ)yü\ Used in a Sentence: We sold the home for less than its f..
Definition: an agreement for the tenant to pay specified rent increases based on a predetermined index (CPI) at set future dates Pronunciation: \ˈver-ē-ə-bəl\ \ˈlēs\ Used in a Sentence: We signed a variable lease agreement on the off..
Definition: an exception to zoning regulations or ordinances granted to relieve a hardship Pronunciation: \ˈver-ē-ən(t)s\ Used in a Sentence: He had to get a variance to add a garage on to ..
Definition: the buyer or purchaser of real property in an agreement of sale Pronunciation: \ven-ˈdē\ Used in a Sentence: The vendee put 20% down towards the purchase of ..
Definition: the seller of real property in an agreement of sale Pronunciation: \ˈven-dər\ Used in a Sentence: The vendor accepted the offer on the house and signed a..
Definition: a claim against property giving the seller the right to hold the property as security for any unpaid purchase money Pronunciation: \ˈven-dər\ \ˈlēn\ Used in a..