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Lease Definitions & Terms

V

Value

The power of a thing to command other goods in exchange; the present worth of future rights to income and benefits arising from ownership.


Valuation

Estimated price, value, or worth. Also, the act of identifying a property's worth via an appraisal.


Variance

Government authorization to use or develop a property in a manner which is not permitted by the applicable zoning regulations.


Violation

Act, condition, or deed that violates the permissible use of property.


Void

Something that is unenforceable.


Voidable

A situation which is capable of being unenforceable but is not so unless direct action is taken.