Property Legal Terms (V)

vacancy

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

vacant land

Land without structures.

vacate

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

valuation

The process of making an estimate of the worth of real property or other assets for a particular purposes, e.g., letting, purchase, sale audit, rating, compulsory purchase of taxation. That purpose and the relevant circumstances will determine assumptions and facts that are appropriate and hence the process used.

value

The financial worth of a thing

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.

vested

Having the right to use a portion of a fund such as an individual retirement fund. For example, individuals who are 100 percent vested can withdraw all of the funds that are set aside for them in a retirement fund