Albuquerque NM Real Estate Key Terms
Underwater Loan is a term indicating a higher loan balance than the proceeds available after the sale of the under lying asset.
Underwriter 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 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.
Myers & Myers Real Estate is a full service real estate brokerage located in Albuquerque New Mexico. We help home buyers and home sellers in the Albuquerque metro achieve their real estate goals. Our website has every home for sale in the Southwest Multiple Listing Service. Check out homes for sale in Albuquerque, homes for sale in Rio Rancho, homes for sale in Corrales, homes for sale in East Mountains, homes for sale in Valencia County, and homes for sale in Los Lunas.
