Glossary of Real Estate Terms
This glossary is for informational purposes only and should not be used without legal counsel for the purpose of reading/understanding a contract.
U
- Undivided Interest
A fractional ownership without a physical division into shares.
- Undue Influence
The using of a fiduciary or confidential relationship to obtain a fraudulent or unfair advantage of the weakness of mind, distress or necessity to control another.
- Unenforceable Contract
A good contract but for some reason one that cannot be enforced under the law such as an unwritten real estate sales contract which cannot be enforceable due to the Statute of Frauds.
- Uniform Residential Appraisal Report
(URAR). The most common appraisal form in use which is also know as a form appraisal and is used to document the methods used to determine the market value of single-family residences and planned unit developments.
- Uniform Settlement Statement
The special form known as HUD-1 that itemizes all charges to he paid by a borrower and seller in connection with the settlement is required to be given to the borrower, lender and seller at or before settlement by the settlement agent in a transaction covered by RESPA.
- Unilateral
An undertaking by, done or obligating only one side.
- Unilateral Contract
A contract under which one party promises to do something in exchange for the completed act of another.
- Unilateral Recission
A legal action taken by one party to repeal a contract when the other party has breached a contract
- Unimproved Land
Land that is vacant or returned to nature or lacking in essential appurtenant improvements required to serve a useful purpose.
Example: Any of the following activities on a piece of raw land will result in improved land:
landscaping and grading
installation of utilities
const ruction of roads, curbs, and/or gutters
construction of buildings
- Unimproved Property
See Unimproved land.
- Unities of Title
The particular characteristic of an estate held by several in joint tenancy and which contains the four unities of time, title, interest and possession giving all joint tenants one and the same interest, by commencing at the same time, through the same conveyance and being held by each through an undivided possession of the whole property.
- Unity of Ownership
The four unities that are traditionally needed to create a joint tenancy - unity of time, title, interest and possession.
- Unsecured
A lien for which no specific property stands as security for the debt.
- US Government Survey System
See United States Government Survey System
- Usage
A uniform practice or course of conduct followed in certain businesses or professions or some procedure or phase thereof.
- User of Real Estate
A party who has the rights to use property whether through ownership, lease, easement or license.
- USPAP
See Uniform Standards of Professional Appraisal Practice.
- Usury
The illegal practice of lending money and charging a rate of interest greater than the maximum permitted by law.