V
Vacancy Rate: The percentage of rental units or properties that are currently unoccupied or available for rent in a specific area or market.
Vacate: To leave or move out of a property, typically referring to tenants who are no longer occupying a rental unit.
Variable Rate Mortgage: A mortgage with an interest rate that fluctuates over time based on changes in the market interest rates.
Vaulted Ceiling: A type of architectural ceiling design that features an arched or curved shape, creating a visually striking and spacious effect. It is characterized by a high point or ridge along the center of the ceiling, with the sides sloping or curving downward to meet the walls.
Vendor: The party who is selling a property.
Verification of Deposit (VOD): The process of verifying a borrower's savings or deposit account balance by contacting their financial institution directly.
Verification of Employment (VOE): The process of verifying a borrower's employment status and income by contacting their employer directly.
Vesting: The way in which a property is owned or titled, typically involving multiple individuals or entities.
Veterans Affairs Canada (VAC): A government department that provides various programs and services for veterans, including housing assistance and mortgage loan guarantees.
Virtual Tour: A digital presentation or video that allows potential buyers to view a property remotely, providing a detailed visual representation of the space.
Void: A term used to describe a legal document or contract that is considered null and has no legal effect.
Voluntary Lien: A lien that is willingly placed on a property by the owner, such as a mortgage or home equity loan.
Voting Shares: Shares of a corporation that carry voting rights and allow the shareholder to participate in decision-making processes.
Voucher: A document or receipt used to verify and track expenses, often used in rental subsidy programs or reimbursement processes.
VRBO (Vacation Rental by Owner): An online platform that allows property owners to list and rent out their vacation homes or rental properties directly to travelers.
Vulnerable Sector Check: A type of background check conducted by the police to determine if an individual has a criminal record that may pose a risk to vulnerable populations, such as children or seniors.