Glossary U

October 19, 2006 — Leave a comment

Terms to know in Real Estate Investing

post We are not lawyers, we are real estate investors!

This is an exhaustive glossary for USA, Canada, Australia and New Zealand

USA

Deeds of Trusts and Mortgages, Title Companies and Lawyer Closings, lots to know. We place great terms here.

Canada

The provinces have different terms and procedures from each other. We do our best to list terms to know in canada.

Australia

The states, especially in Lease Options, have unique differences.

New Zealand

The North Island and the South Island have close similarities, but Lease Options are brand new, and Wraps are not favored by the banks.

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UNDERIMPROVED LAND:
Property that is not being used so as to produce the maximum income it is capable of producing.

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 decision as to whether or not to accept a loan or insurance application.

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 term to describe the title of co-owners of a property as joint tenants such that the co-owners’ title cannot be separated.

UNDUE INFLUENCE:
The exertion by a third party of any kind of control such that a person signs a contract or other instrument which, absent the influence of the third party, he would not have signed. A contract or instrument may be set aside as not binding on any party who signs it while under undue influence.

UNENCUMBERED PROPERTY:
Land that has no claims, liens or mortgages registered against it.

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.

UNILATERAL CONTRACT:
An agreement to exchange payment for services, where payment becomes due only once the service has been successfully performed. A listing agreement for the sale of real property may be a unilateral contract.

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.

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:
The illegal possession of land by one whose original possession was legal.

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.

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.

USURY:
The illegal act of charging extremely high interest rates on a loan.

UTILITIES:
Services, such as gas, electricity, water, sewers, which are required in any dwelling and for which the owner must pay separately. In some jurisdictions, arrears in payment of charges for utilities may form a lien on the property.

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