V


VALID
Having force or binding force, legally sufficient ad authorized by law.

VALUABLE CONSIDERATION
The granting of some beneficial right, interest, profit, or suffering of some detrimental forbearance, loss or default by one party in exchange for the performance of another.

VARIABLE INTEREST MORTGAGE
A loan where the interest rate may vary during the term of the mortgage. The variance is usually tied to some specific factor such as prime bank rate or the guaranteed investment certificate rate for a designated lender.

VENDOR
A seller of real property.

VENDOR TAKE BACK MORTGAGE
A mortgage which a vendor of real property takes from the purchaser usually as part payment of the purchase price for that property.

VOID
Of no legal effect. A nullity.

VOIDABLE
Where one party to a contract is entitled rescind the contract at his/her option.