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Real Estate Terms starting with (U)

The Following are real estate terms and topics: Starting With the Letter (U)

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Are you confused and overwhelmed by the extensive terms and words used in real estate? Every person working in real estate or planning to buy or sell real estate can benefit from learning some of the terms….

Real Estate Terms U

Real Estate Terms U

U.S. Department. Of housing and urban development (hud) - A federal agency that oversees the Federal Housing Administration and a variety of housing and community development programs.

Underlayment

A thin layer of cushioning, made of materials such as sponge rubber, foam, felt or crumb rubber, which is laid beneath carpeting to provide comfort underfoot, to reduce wear on the carpet, and to provide insulation against sound, moisture and heat.

Underwriting

The process undertaken by lenders and insurers to verify the mortgage application information and supporting documentation submitted, make an assessment of risk on both the applicants and the property, and approve or decline the mortgage loan.

Underwritten company

A title firm, which conducts title searches but is not qualified to insure, and therefore issues policies of a qualified title insurer (underwriter) in return for a portion of the premium.

Undisclosed heir

A person who claims the right to a piece of property after the death of an owner without a will.

Unilateral contract

A contract is an exchange of promises between two or more parties to do or refrain from doing an act, which is enforceable in a court of law.

Unrecorded deed

Deed transferring ownership from one person to another but that is not officially recorded.

Unsecured loan

A loan where the lender has no entitlement to any of the borrower’s assets in the event of the borrower failing to make the loan repayments. Such a loan normally carries a higher interest rate than a secured loan.

Up zoning

The practice of changing the zoning in an area typically from residential to increased commercial use.

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 sprawl

A spread of urban congestion into adjoining suburbs and rural areas, leading to loss of green areas.

URLA

Uniform residential loan application.

Useful life

A period of time over which an asset, such as a building, is expected to remain economically feasible to the owner.

Usury

Charging a rate of interest higher then that allowed by law.

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