Real Estate
Glossary
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UNDERIMPROVED 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 labour 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.
UREAFORMALDEHYDE 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.