V

VARIABLE INTEREST RATE

An interest rate that fluctuates with the current cost of money, subject to adjustment if the prevailing rate moves up or down.

VENDEE

The purchaser under a sale contract of real estate.

VENDOR

The seller under a sale contract of real estate.

VENDOR'S LIEN

An implied lien given by law to the vendor for the remaining unpaid and unsecured part of a purchase price.

VENUE

(1) The county in which a lawsuit is brought or tried. (2) The county in which an acknowledgment is taken.

VEST

To give an immediate, fixed right in property, with either present or future enjoyment of possession; also denotes the manner in which title is held.

VEHICLE IDENTIFICATION NUMBER (VIN)

The VIN is a unique number, consisting of numerals and letters, assigned to a vehicle by the manufacturer for registration and identification purposes. Every vehicle manufactured since 1981 has a 17 character VIN. When decoded, each character of the VIN identifies information about that particular vehicle (for example, the make, model, year, body style, engine size, etc).

VOID

Binding on no-one, constituting a nullity. Something which is conclusively of no effect, the defect of which is not subject to being waived, revitalized or cured by confirmation or ratification.

VOIDABLE

Sufficiently defective to make void, the deficiency, however, being curable by confirmation or ratification.

VOLUNTARY LIEN

A lien intentionally created by a debtor, e.g., mortgage or deed of trust, as contrasted with a judgment lien, which is an involuntary lien.