Glossary

V

VACANCY – Rental property or any unit thereof, which is unlet.

VACATE – To give up occupancy; to make vacant; move out of property.

VALUATION – A written assessment of how much a property is worth, by a registered valuer.

VENDOR – One who sells anything. In real estate transactions it is the person selling the property.

VILLA – A term widely used in Victoria, elsewhere known as a cottage. The popular definition is a detached single-storey house.

VISIBLE IMPROVEMENTS – Those improvements which are apparent on inspection such as buildings, fences, orchards, etc.

VOIDABLE – An agreement which can be made void at the option of one of the parties.