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 An allowance or discount for estimated vacancies(unrented units) in a rental project. The vacancy rate is the ratio between the number of vacant units and the total number of units in a specified project or area.


 The power of a good or service to command other goods in exchange for the present worth of future rights to income or amenities; the present worth to typical users and investors of future benefits arising out of ownership of a property.


 Permission obtained from governmental zoning authorities to build a structure or conduct a use which is expressly prohibited by the current zoning laws; an exception from the zoning laws.


 Permission granted by the Municipality that provides relief from zoning conflicts caused by unusual circumstances beyond the property owner’s control.


The purchaser of realty; the buyer. The buyer under an agreement of sale.

Virtual Tour

 A 360° degree panoramic view of real estate. Developed in the early 1980’s by Apple Computer, today views of real estate over the Internet are possible.


 The seller of realty. The seller under an agreement of sale.


 Having no legal force or binding effect; a nullity; not enforceable. A contract for an illegal purpose (i.e. gambling)is void.


 A contract which appears valid and enforceable on its face, but is subject to rescission by one of the parties who acted under a disability, such as being a minor or being under duress or undue influence; that which may be avoided or adjudged void but which is not, in itself, void.