Real
Estate Glossary
UNDER-IMPROVED LAND:
Property that is not being used so as to produce the maximum income it
is capable of producing.
UNDERINSURANCE:
Insurance which would provide insufficient proceeds to compensate for
the loss of the value of the insured item.
UNDERTAKING:
A promise, reduced to writing, which is legally enforceable.
UNDERWRITER:
A person who reviews and evaluates an application for a loan or
insurance policy.
UNDERWRITING:
The decision as to whether or not to accept a loan or insurance
application.
UNDEVELOPED
LAND:
Real property that has not been subjected to man's labor to make it
more valuable of profitable. Raw land.
UNDISCLOSED AGENCY:
When a person deals with another party on behalf of a third person but
does not inform the party with whom he is dealing of this
relationship.
UNDISCLOSED PRINCIPAL:
The identity of the person whom an undisclosed agent represents.
UNDIVIDED INTEREST:
The term to describe the title of co-owners of a property as joint
tenants such that the co-owners' title cannot be separated.
UNDUE INFLUENCE:
The exertion by a third party of any kind of control such that a
person signs a contract or other instrument which, absent the
influence of the third party, he would not have signed. A contract or
instrument may be set aside as not binding on any party who signs it
while under undue influence.
UNENCUMBERED PROPERTY:
Land that has no claims, liens or mortgages registered against it.
UNENFORCEABLE CONTRACT:
Any agreement that will not stand up to legal challenge. May result
from the incapacity of a party, the illegality of the terms of the
agreement, or the presence of undue influence, threat or coercion upon
a party which caused that party to sign the contract.
UNIFORM VENDOR AND PURCHASER
RISK ACT:
A law that apportions responsibility for damage due to fire between a
purchaser and vendor for the period between the signing of the
agreement of sale and the closing date.
UNILATERAL CONTRACT:
An agreement to exchange payment for services, where payment becomes
due only once the service has been successfully performed. A listing
agreement for the sale of real property may be a unilateral contract.
UNIMPROVED LAND:
See "undeveloped land".
UNINSURABLE TITLE:
Ownership of land which is subject to flaws such that a title
insurance company refuses insure it.
UNIT:
A single dwelling within a larger complex: especially in condominium
projects where the unit is the portion of the complex which is for the
exclusive use of the owner of the unit.
UNITY OF POSSESSION:
A right of each joint tenant to use, occupy and enjoy the entire
property.
UNITY OF TIME:
For joint tenants, the requirement that each of the tenants acquires
her interest at the same time, as part of the same conveyance.
UNITY OF TITLE:
For joint tenants, the requirement that each of the tenants acquires
her interest in the same instrument of conveyance.
UNLAWFUL DETAINER:
The illegal possession of land by one whose original possession was
legal.
UNMARKETABLE TITLE:
Similar to "uninsurable title:, ownership of land which is
defective such that no one would wish to purchase it.
UNRECORDED/UNREGISTERED
INSTRUMENT:
A legal document which purports to affect rights and interests in land
but which has not been added to the public record for the property.
UNSECURED LOAN:
A loan in air, with no asset pledged as collateral or security for it.
UP RENT POTENTIAL:
An estimate of the amount rent on a property may be reasonably raised
over a period of time.
UPLAND:
Property which borders on a body of water.
UPSET PRICE:
An amount set by the court which creates the reserve bid for an
auction of property; the property may not be sold for less than the
upset price.
URBAN DEVELOPMENT ACTION
GRANT (UDAG):
A program of the Department of Housing and Urban Development (HUD)
lending money for the revitalization of commercial areas.
URBAN RENEWAL:
The process of acquiring and redeveloping property for the purposes of
increasing its profitability or utility. May be conducted by
government, private interests or a combination of the two.
URBAN SPRAWL:
Slang term for the growth of cities in an unplanned and often wasteful
manner.
UREA-FORMALDEHYDE FORM
INSULATION (UFFI):
A form of residential and commercial insulation popular in the 1970s
which was found to give off toxic gases. Properties insulated with
UFFI sell for much less than similar, non-UFFI properties as a result
of the fear of health problems. In many jurisdictions, the Vendor of a
residential property must inform a prospective purchaser of the
presence of UFFI or provide a warranty that there is no UFFI in the
property.
USE:
Noun: Term for the purpose for which a property is occupied, mostly
related to zoning by-laws or ordinances. Some typical uses would be
residential, commercial, industrial, etc.
USEFUL LIFE:
An estimation of the period of time over which a property, building or
other asset will be of value or use to its owner.
USURY:
The illegal act of charging extremely high interest rates on a loan.
UTILITIES:
Services, such as gas, electricity, water, sewers, which are required
in any dwelling and for which the owner must pay separately. In some
jurisdictions, arrears in payment of charges for utilities may form a
lien on the property.
