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Real Estate Terms
 
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Vacancy Rate
The vacancy rate is a numerical value calculated as the percentage of all available units in a rental property, such as a hotel or apartment complex, that are vacant or unoccupied at a particular time. It is the opposite of the occupancy rate, which is a calculation based on the percentage of units in a rental property that are occupied.

Vacation Home
A home separate from an individual's primary residence that is used for recreational purposes and may also be rented out at unused times.

Vendor Take-Back Mortgage
A type of mortgage in which the seller offers to lend funds to the buyer to help facilitate the purchase of the property. The take-back mortgage often represents a secondary lien on the property, as most buyers will have a primary source of funding other than the seller.

Villa

 

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