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Glossary
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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.