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REAL ESTATE DICTIONARY
Results
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U-value
The amount of
heat a door or window conducts between the inside air and the
environment. |
U.S. Department of Housing and Urban
Development
Also known as HUD. A federal agency
that oversees the Federal Housing Administration and a variety of housing and
community development programs. |
unbundled real estate services
Real estate services not bound together, but purchase transaction
at a time. |
underlayment
A layer
of wood between the subfloor and the floor. |
underwriters' knot
A
code-approved knot tied at the end of an electrical cord to prevent the wires
from being pulled away from their connection to electrical
terminals. |
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underwriting
The
process in which lenders evaluate the risks posed by a particular borrower and
set appropriate conditions for the loan. |
underwriting fee
A
fee charged by the lender to verify information on the loan application,
authenticate the property's worth as collateral, and make a final determination
about whether to grant a loan to the applicant. |
undisclosed heir
A
person who claims the right to a piece of property after the death of an owner
without a will. |
undisclosed spouse
A
marital partner who can claim the right to a piece of property but is not
identified in the owner's will. |
unilateral contract
A
one-sided contract. If one party makes a promise to do something, the second
party is not legally required to perform. If the second party does comply,
however, the first party is obligated to keep its promise. |
unrecorded deed
A
deed that transfers ownership from one party to another without being officially
recorded. |
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unsecured loan
Any loan that is not backed by collateral. |
unsecured loan
An
unsecured loan is a loan that is not backed up by collateral. Often, loans from
family members or pesonal acquaintances are unsecured loans. A gift from another
person that is not expected to be repaid is not an unsecured
loan. |
upgrades
Options
offered to buyers in a new-home project that go beyond the standard carpeting,
lighting, finish carpentry, and other amenities. |
upzoning
The process
in which a property is zoned from a lower to a higher use. |
urban sprawl
The
unplanned expansion of development over a large area. |
usury
Illegally
excessive interest charged on any loan.
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