Vacant Possession
This means that when you get ownership of your home there will be no tenants living there or leases giving someone else use of the property.

Valuation
A written report by a registered valuer, showing their independent assessment of the value of the property. If requested by the owner, it is used to help set the sale price of a property. If requested by the purchaser (or the purchaser’s bank or mortgage broker) it can be used to determine a purchase offer or to verify security for any loan.

Value of Improvements
This is the difference between the Capital Value and the land Value on your Rating Valuation. It reflects the additional value of your house and landscaped gardens.

Vendor
The person selling the property.

Venture Capitalist
A person who invests in a business venture, providing capital for start-up or expansion. Venture capitalists are looking for a higher rate of return than would be given by more traditional investments.