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Real Estate Dictionary U
"underimproved land" - "utility"
We try to provide as much information as possible to buyers of Ocala Real Estate. These terms and definitions apply pretty much nation wide, and we try to update with terms specifically relating to Florida Real Estate as soon as we come across something we've missed. We welcome your comments and suggestions!
UNDERIMPROVED LAND:
Property that is not being used so as to produce the maximum income it is
capable of producing.
UNDERIMPROVEMENT:
An improvement which because of its deficiency in size or cost is not the
highest and best use of the site.
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 technical analysis by a lender to determine the borrower's ability to
repay a contemplated loan.
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 interest of a co-owner in real property. His interest cannot be
separated without court action.
UNDUE INFLUENCE:
Taking any fraudulent or unfair advantage of another's weakness of mind
or distress or necessity.
UNEARNED INCREMENT:
An increase in value of real estate due to no effort on the part of the
owner; often due to increase in population.
UNENCUMBERED
PROPERTY:
Land that has no claims, liens or mortgages registered against it.
UNENFORCEABLE:
A contract that cannot be sued upon in a court of law. One which cannot
be enforced in a court of law.
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 COMMERCIAL CODE:
Effective January 1 1965. Establishes a unified and comprehensive scheme
for regulation of security transactions in personal property, superseding the
existing statutes on chattel mortgages, conditional sales, trust receipts,
assignment of accounts receivable and others in this field.
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 exchange of a promise for an act. Only one party is bound to perform.
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.
UNIT-IN-PLACE METHOD:
The cost of erecting a building by estimating the cost of each component
part. ie. Foundations, floors, walls, windows, ceilings, roofs, etc. - including
labor and overhead.
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
ACTION:
A court suit to evict a tenant.
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 PROPERTY:
City property; closely settled property.
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.
USE TAX:
A tax charged on goods purchased from out-of-state and used within a
state, like a sales tax.
USURY:
On a loan, claiming a rate of interest greater than that permitted by
law.
UTILITY:
The ability to give satisfaction and/or excite desire for possession.
Usefulness.