Business / Construction Glossary

Valuation: An inspection carried out for the benefit of the mortgage lender to ascertain if a property is a good security for a loan.

Valuation Fee: Th fee paid by the prospective borrower for the lender's inspection of the property. Normally paid upon loan application.

Vapor Barrier: A building product installed on exterior walls and ceilings under the drywall and on the warm side of the insulation. It is used to retard the movement of water vapor into walls and prevent . . . View Full Definition

Variable Rate: An interest rate that will vary over the term of the loan.

Veneer: Extremely thin sheets of wood. Also a thin slice of wood or brick or stone covering a framed wall.

Vent: A pipe or duct which allows the flow of air and gasses to the outside. Also, another word for the moving glass part of a window sash, i.e. Window vent.

Vermiculite: A mineral used as bulk insulation and also as aggregate in insulating and acoustical plaster and in insulating concrete floors.

Veterans Administration (VA): A federal agency that insures mortgage loans with very liberal down payment requirements for honorably discharged veterans and their surviving spouses.

Visqueen: A 4 mil or 6 mil plastic sheeting.

Void: Cardboard rectangular boxes that are installed between the earth (between caissons) and the concrete foundation wall. Used when expansive soils are present.

Voltage: A measure of electrical potential. Most homes are wired with 110 and 220 volt lines. The 110 volt power is used for lighting and most of the other circuits. The 220 volt power is usually use . . . View Full Definition

W C: An abbreviation for water closet (toilet).

Wafer board : A manufactured wood panel made out of 1' - 2' wood chips and glue. Often used as a substitute for plywood in the exterior wall and roof sheathing.

Walk-Through: A final inspection of a home before 'Closing' to look for and document problems that need to be corrected.

Wall Out: When a painter pray paints the interior of a home.

Warping: Any distortion in a material.

Warranty: In construction there are two general types of warranties. One is provided by the manufacturer of a product such as roofing material or an appliance. The second is a warranty for the labor. . . . View Full Definition

Waste Pipe And Vent: Plumbing plastic pipe that carries waste water to the municipal sewage system.

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