Value
The price a property or some other asset might reasonably be expected to fetch if disposed of at the right time.
Valuation
The process of making an estimate of the worth of real property for a particular purpose. The various instances are purchase, sale, audit, rating, compulsory purchase or taxation.
Void ab initio
It means a person entering into the agreement has at no time engaged in any legal activity.
Vendor
The person who is selling a property or the seller of a property.
Venue
The place where the hearing of legal disputes take place.
Vertical slice participation
A method of multi-participation in a venture, usually a development, whereby each of the participants owns a separate legal interest in the whole of the property concerned by way of the freehold, head lease or a subordinate interest. Each will partake of the rent and other income as well as the cost of any revenue or capital liabilities in predetermined percentages related to their respective contributions, whether financial or otherwise.
Voidable
Where one party to a contract is entitled to cancel/rescind the contract at his/her option. A condition capable of being made void, although not necessarily void in itself.
Vacant Space
Refers to existing tenant space currently being marketed for lease but excludes space available for sub-lease.