All | # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
There are 11 names in this directory beginning with the letter V.
Vacancy
A rental property or any unit thereof that is unlet.
Vacancy Rate
The vacancy rate in a given area is the available rental properties on the market at any one time divided by the total rental stock in the area. Generally, a market is considered balanced at 3% and anything less is an undersupply. When vacancy rates are low and competition for accommodation is present, rental yields will rise and prices then tend to follow. At a vacancy rate of 3% an investor could expect around 1-2 weeks vacancy a year (52 x 3%). Vacancy Rates are just 1 of Sound Property's 15 Key Investment Drivers - you can learn about the other 14 on the "Investment Agency" page of our website.
Vacant Possession
In real estate this refers to a right to possession of land or built-up property in respect of which there is no current occupant.
Vacate
To give up occupancy; to make vacant; move out of property.
Valuation
(a) The process of estimating value; (b) The prediction of the value of an asset at a point in time, depending on the purpose for which the valuation is required.
Valuation Report
A document that records the instructions for the assignment, the purpose and basis of the valuation, and the results of the analysis that led to the opinion of value. A Valuation Report may also explain the analytical processes undertaken in carrying out the valuation, and present meaningful information used in the analysis. Valuation Reports can be either oral or written. The type, content and length of a report vary according to the intended user, legal requirements, the property type, and the nature and complexity of the assignment. The terms, Valuation Certificate and Valuation Report, are sometimes used interchangeably.
Valuer
A person who is a member of the Australian Property Institute who is accredited as a Certified Practising Valuer and can therefore carry out property valuations under any State, Territory or Commonwealth legislation.
Variation
An addition to, omission from, or alteration to a contract or to the contract conditions.
Vendor
One who sells anything. In real estate transactions, the person(s) or entity selling the property.
Vendor’s terms
This refers to instances when a property owner is prepared to offer a buyer finance or other assistance such as staged payments to assist with the purchase of the property (also known as ‘wrapping’).
Voidable
An agreement which can be made void at the option of one or both of the parties.