Philippine Real Estate Glossary

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Valid
Having force or binding force; legally sufficient and authorized by law.

Valuation
Estimated worth of price: Estimate, the act of valuing by appraisal.

Vendee
A purchaser; a buyer.

Vendor
A seller: one who disposes of a thing in consideration of money.

Verification
A sworn statement before a duly qualified officer to the correctness of contents of an instrument.

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. However, taxes may be due on any funds that are actually withdrawn.

Void
To have no force or effect; that which is unenforceable.

Voidable
That which is capable of being adjudged void, but is not void unless action is taken to make it so.

Voluntary Lien
Any lien is placed on property with the consent, or as a result of the voluntary act of the owner.