Glossary of Terms – V
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Vacancy allowance:
A projected deduction from the scheduled gross income of a building to allow for loss of income due to vacant apartments or other rental units.
Value, assessed:
The property value as determined by local, regional, or provincial assessment authority.
Vendor:
A person selling a piece of property.
Vendor take-back:
A procedure wherein the seller (vendor) of a property provides some or all of the mortgage financing in order to sell the property. Also referred to as vendor financing.
