Glossary of Terms
- U
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.
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