The Internet Real Estate Glossary

Find Your "U Real Estate" Word

Click Here to Go Home. 

To look up the real estate term you want, just click on the letter that the term begins with.

UCC (Uniform Commercial Code) - The laws governing various commercial transactions.

Underbid - A minimum bid that only reflects the beneficiary's actual cost in the defaulted loan (it doesn't include the unpaid interest). Done when the beneficiary guesses they won't be bought out by any bidders at the trustee's sale. Thus, if they are going to get title to the property, they don't want included in its value the profit (interest charges) they never received! That way there's no income tax liability on phantom profits. If an outside bidder does appear the beneficiary will instruct the trustee to increase its opening bid to include the unpaid interest.

Underwriter - The person who makes the decision to loan money.

Underwriting - The decision whether to make a loan to a potential home buyer based on credit, income, employment history and assets.

Undivided interest - The right to use and possess a property that is shared among co-owners, with no one co-owner having exclusive rights to any portion of the property.

Undue Influence - Occurs when a person in a fiduciary capacity or in a position of authority misuses the trust or power in order to unfairly induce a party to enter into a contract.

Unencumbered property - Real estate with free and clear title.

Uniform instrument - The standard FNMA/FHLMC/GMNA forms used for notes and security instruments for all states.

Unilateral Contract - an obligation given by one party contingent on the performance of another party, but without obligating the second party to perform.

Unimproved property - Land that has not been developed or built on.

United StatesTrustee - A federal office within the Department of Justice. The U.S. Trustee oversees certain administrative tasks of a bankruptcy case, often acting as the “eyes and ears” of the bankruptcy judge.

Unities - Joined in one; for example, in order for a joint tenancy to exist four unities are necessary (1) time, (2) title, (3) interest and (4) possession. (TTIP)

Unity of Possession - The right of each tenant to the possession and use of the whole property. (Joint tenants and tenants in common.)

Unity of Time - States that the joint tenancy interests of the joint tenants must have been acquired at the same moment.

Unity of Title - States that the joint tenancy interests were created in a single conveying instrument.

Universal Agent - Has the authority to do all acts that can be lawfully delegated to a representative. (Power of attorney-attorney in fact)

Unrealized Gain - excess of current market value over cost for an asset that is not sold.

Unrecorded deed - A document that transfers title from the grantor to the grantee without being recorded in public records.

Unsecured - If the promissory note is unsecured, the lender must file a lawsuit in court rather than foreclosing.

Unsecured claim - A right to payment for which there is no assurance of repayment backed by property or collateral.

Unsecured Loan - A loan made on the signature and credit of the borrower, not secured by collateral. Credit card. (Debenture)

Up-front funds - An amount of money paid to a mortgagee, up front and prior to the execution of any workout arrangement with the mortgagor.

Upside Down Home - A house that is worth less than what is owed on the mortgage it secures.

Urban Renewal - process of redeveloping deteriorated sections of the city, often through demolition and new construction, may be privately funded, but most often associated with government renewal programs.

Usury - Charging a rate of interest greater than is reasonable or permitted by law.

Usury ceiling - The maximum legal rate permitted by law for interest, or other fees of a loan.

Utility Easement - use of another's property for the purpose of laying gas, water, electric and sewer lines.

This real estate glossary is courtesy of the Internet Real Estate Center - Join the Online Real Estate Revolution.