vacancy
A house or apartment or shop space or office space that is available for rent or sale.

vacancy factor
The ratio of vacant space, expressed as a percentage, in a building or project.

vacancy rate
Ratio of vacant space to total stock in the market.

vacant land
Land without structures.

vacant possession
Vacant possession is delivered when the buyer is allowed to use the property immediately without anyone else still living in it or using it.

vacate
To move out of a house, apartment, office, retail or industrial space.

valuable consideration
Legal term meaning money has been paid as part of a contract. The term valuable does not imply any particular value.

valuation
1) The process of making an estimate of the worth of real property or other assets for a particular purpose, eg., letting, purchase, sale, audit, rating, compulsory purchase or taxation. That purpose and the relevant circumstances will determine assumptions and facts that are appropriate and hence the process used. 2) A statement, usually in writing, setting out the facts, assumptions, calculations and resultant value. 3) Colloquially, the value arrived at as a result of the valuation process.

value
The financial worth of a thing.

value for sale under repossession
The price that might reasonably be expected to realize within 90 days from the sale of the property in the market under repossession by the lender or receiver, on an “as is” basis, taking into account the unique quality of the property and the existence of any specific demand as well as factors which might adversely affect the marketability of the property due to market perception of increased risk or stigma, justified or otherwise. The term replaced “forced sale value” and “estimated restricted realization price.”

Value-Added Tax (VAT)
Value-added tax is a form of sales tax. It is a tax on consumption levied on the sale of goods and services and in the Philippines, on the import of goods. It is an indirect tax, which can be passed on to the buyer.

Variable Air Volume (VAV)
The air-conditioning system provided in the majority of modern buildings. A set temperature with tenant controlled volume.

variation
A change to a service or product from the original specification.

vendee
Opposite of vendor, buyer.

vendor
Seller.

veneer
Thin covering that is fixed to the item being covered.

village
Small rural (usually farming) community that lives in a cluster of huts or houses in close proximity to each other.

volatility
In regard to real estate, refers to the size of the fluctuation in prices or returns.