V Moving Terms

Moving Terms Dictionary


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  (20 Terms)

Vacancy Allowance

See Duplicate Housing Protection.

Valuation

A limit on a carrier's liability in exchange for different transportation rates. Valuation is not insurance. See Full Value Protection, Replacement Value Protection and Released Rate Value.

Valuation Principles

Factors determining the worth of a property.

Value (VAL)

An estimate of a property's worth or the price a buyer would pay for a property based on current market trends.

Van

The truck used for carrying household goods.

Van Line

A motor carrier with local agents that coordinates the movement of Household Goods and Special Products.

Van-Van

Shipment is off-loaded en route from one van to another for various reasons.

Variable Rate Mortgage (VRM)

A fixed-term mortgage with an interest rate that changes with a fluctuating market.

Vendee

The real estate buyer.

Vendor

The real estate seller.

Vendor Take-Back Mortgage

The seller provides all or part of the mortgage financing to sell the property.

Verbal Appraisal

A verbal estimate of the market value of a property. It is followed by a written appraisal.

Verbal Commitment

The verbal acceptance of a contract made under a third-party operation.

Verification of Deposit

A form sent to a financial institution to verify the checking and savings balances of the prospective borrower. The form is then sent back to the lender.

Verification of Employment

A form sent to the prospective borrower's employer for written verification of the employee's salary and length of employment.

Veterans Administration (VA)

A federal agency that guarantees a portion of a veteran-obtained loan for eligible veterans of the U.S. Armed Forces. See Veterans Administration Mortgage.

Veterans Administration Funding Fee

A fee required for Cold War veterans (post-Korean) for an additional one-half of one percent of the loan amount. It can be paid by either the buyer or the seller.

Veterans Administration Mortgage

A mortgage loan made by a private lender to honorably discharged veterans and their widows and guaranteed by the Veterans Administration. These loans are conventional, fixed-rate, low-payment, long-term loans.

Veterans Administration/Federal Housing Administration Combination

A Federal Housing Administration preferred loan where a borrower can use Veterans Administration eligibility to require a minimum down payment.

Voucher

An invoice to the government agency detailing the charges incurred on a shipment and the amount due.

  (20 Terms)

 

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