property & real estate law

variance

A variance is an officially granted exception to a zoning ordinance. Such exceptions may be granted on a case-by-case basis for some persuasive reason shown. See: real property

A variance is also the difference between two...

vendee

A vendee is a person who purchases something being sold, or a buyer. Most commonly, a buyer of real property is often referred to as a vendee. A vendee can also refer to the buyer in all other transactions. For example, a buyer of a house and...

vendor

A vendor is a seller of a good, service, or real property. A vendor can also refer to a seller in any other transaction. For example, in a transaction in which company A is purchasing company B’s products, then company B is the vendor. The...

vertical privity

In business law, vertical privity is the relationship between companies in a distribution chain (e.g. a manufacturer and a distributor). Those in vertical privity are jointly liable for product defects in the vertical chain.

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vest

A right or an interest in property "vests" when it is secured. This means that the beneficiary of the right or property interest is certain to receive a specific amount, either now or in the future.

[Last updated in July of 2024 by...

vested

The term vested describes a right, interest, or title that is absolute, fixed, and not subject to being taken away or “divested.” When a right is vested, the person with the right has a guaranteed legal claim or entitlement that can be...

vested ownership

Vested ownership means complete and unconditional ownership.

See also: conditional ownership, qualified ownership

[Last updated in August of 2021 by the Wex Definitions Team]

vested remainder

Vested remainders are a type of remainder in property law with an ascertained taker and without a condition precedent. In short, it is the right to receive property, without condition.

A remainder is a future interest where...

view ordinance

View ordinance are laws designed to protect a property's view from obstructions. Such ordinances may encompass and regulate a variety of property features, but commonly address trees and vegetation. View ordinances can also be enforced to...

Village of Euclid v. Ambler Realty (1926)

Village of Euclid v. Ambler Realty Co., 272 U.S. 365 (1926), is a U.S. Supreme Court case in which the court held that a zoning ordinance can be a valid exercise of a state's police powers. The Supreme Court raised the bar for declaring a...

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