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Underwriting: The process of evaluating a borrower's financial information and determining the risk involved in providing a mortgage loan.
Undisclosed Heir: A term referring to a person who is entitled to inherit a property but was not previously revealed or known during the transaction.
Undivided Interest: Ownership in a property without a specific portion being individually owned. Often used in co-ownership arrangements such as condominiums.
Unencumbered Property: A property that is free from any liens, mortgages, or other financial obligations.
Uniform Commercial Code (UCC): A set of standardized laws governing commercial transactions, including security interests in real estate and personal property.
Uniform Residential Appraisal Report (URAR): A standard appraisal form used to report the findings of a residential property appraisal.
Uninsurable Property: A property that does not meet the criteria for obtaining insurance coverage, typically due to its high risk or poor condition.
Unit: A self-contained living space within a larger building or complex, such as an apartment unit or condominium unit.
Unrecorded Deed: A deed that has not been officially registered or filed with the appropriate government office, typically the county recorder's office, making it unacknowledged and lacking legal validity in the public record.
Unregistered Mortgage: A mortgage that is not formally recorded or registered with the appropriate land registry office. It may still be valid, but its priority may be affected.
Unsecured Loan: A type of loan that does not require collateral, such as a property or asset, as security for repayment. Instead, the lender evaluates the borrower's creditworthiness and relies on the borrower's promise to repay the loan based on their financial stability and credit history.
Upzoning: The process of changing the zoning regulations of a particular area to allow for higher-density or different types of development.
Urban Sprawl: The unplanned and uncontrolled expansion of urban areas into surrounding rural or undeveloped land.
Usable Square Footage: The area within a property that is suitable for occupancy or use, excluding common areas or spaces with limited functionality.
Use Variance: Permission granted by the municipality to use a property for a purpose that is not typically allowed under the current zoning regulations.
Usury: The practice of charging excessive or illegally high interest rates on loans, often exceeding the limits set by law.
Utilities: Services such as electricity, water, gas, and sewer that are necessary for the functioning of a property.