VALIDHaving force or binding force, legally sufficient and authorized by law.
VALUABLE CONSIDERATIONThe 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 MORTGAGEA 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.
VENDORA seller of real property.
VENDOR TAKE BACK MORTGAGEA mortgage which a vendor of real property takes from the purchaser usually as part payment of the purchase price for that property.
VOIDOf no legal effect. A nullity.
VOIDABLEWhere one party to a contract is entitled to rescind the contract at his/her option.
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