Key Real Estate Terms U | Myers & Myers Real Estate
Key Real Estate Terms U
This article provides the definition of key estate terms beginning with the letter U.
Underwater Loan
is a term indicating a higher loan balance than the proceeds available after the sale of the under lying asset.
Underwriter
is in the loan industry is a person working for a lender who reviews a loan application and makes recommendation to the loan committee.
Underwriting
is the analysis of the extent of the risk assumed in the connection with a loan. Underwriting a loan includes the entire process of preparing the conditions of the loan, determining the borrower’s ability to repay, and subsequently deciding whether to give loan approval.
Undue Influence
is strong enough persuasion to completely over power the free will of another and prevent them from acting intelligently and voluntarily.
Unencumbered Property
is property that is free and clear of any liens or encumbrances.
Unenforceable Contract
is a contract that was valid at the time the contract was executed but either cannot be proved or will not be enforced by a court.
Uniform Settlement Statement
is the standard RESPA Form or HUD 1 required to be given to the borrower, lender, and seller at or before settlement by the settling agent in a transaction covered by the Real Estate Settlement Procedures Act.
Unilateral Contract
is a contract in which one party makes an obligation to perform or not perform without receiving in return any express promise of performance from the other party.
Unimproved Property
is land without buildings, improvements, or streets.
Universal Agent
is a person empowered to do anything the principal could do personally.
Unmarketable Title
is a title to a property that contains substantial defects such as undisclosed encroachment, building code violations, easements, or outstanding dower.
Usury
is the act of charging a rate of interest in excess of that permitted by law.
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Key Real Estate Key Terms W
