Glossary

A unit or space on the market that is not occupied. Vacancy rate is the percentage of total rentable space that is not under a lease. This rate is a key indicator of market conditions.

Having force, or binding force; legally sufficient and authorized by law. A valid contract can be enforced in court.

Estimated worth or price; also, valuing by appraisal. Valuation is the process of estimating the worth of an object.

The worth of all the rights arising from ownership; the quantity of one thing that will be given in exchange for another. Price is the historic amount that was paid; value is an estimate of what it is worth. Often value is qualified as to a specific type: market, user, assessed, insurable, speculative and so on.

In Texas, a measure of length equaling 33 1/3 inches.

A purchaser; buyer.

A lien against property under a contract of sale, to secure the deposit paid by a purchaser.

A seller.

Sworn statements before a duly qualified officer concerning the correctness of the contents of an instrument.

See GI loan.

An act, a deed, or conditions contrary to law or permissible use of real property. When there is a violation of a law or contract, the perpetrator may be liable for damages or penalties or both.

Having no force or effect; unenforceable.

Capable of being made unenforceable, but not made so unless certain action is taken. For example, real estate contracts entered into by minors are voidable only by the minors.