Your Online Legal Resource Center for Property Management

UNAVOIDABLE CAUSE - A delay in the performace of an agreement or contract, created by an unforseen event such as death of a party, or the loss of papers pertaining to the contract.

UNBALANCED IMPROVEMENT - An improvement to real property which is not suitable to its location, and which may adversely affect it value.

UNCONSIONABLE CONTRACT - A contract which obviously favors one party to the agreement only.

UNDERLAYMENT - A layer of wood between the subfloor and the floor.

UNDERLEASE - A sub-lease which does not include all of the originally leased property or which terminates prior to the full term of the original lease.

UNDERLYING FINANCING - An existing, prior mortgage or deed of trust on a property resold on contract.

UNDERWRITER - A lender or insureer who solicits business according to the rate of risk involved.

UNDERWRITING - The process lenders go through to evaluate the risks posed by a particular borrower and to set appropriate conditions for the loan.

UNDISCLOSED HEIR - A person who claims the right to a piece of property after the death of an owner without a will.

UNDISCLOSED SPOUSE - An unidentified marital partner who can claim the right to a piece of property.

UNDIVIDED INTEREST - A commonly shared interest in real property where the owners have equal rights or possession and use, such as the recreational facilities and the common area of a condominium subdivision.

UNDUE INFLUENCE - Pressure or force used to induce another to act against their own free will.

UNEARNED INCREMENT - Increased property value as a result of the area surrounding it being ungraded.

UNENCUMBERED PROPERTY - Property cleared of debt, and free to be transferred.

UNENFORCIBLE CONTRACT - A contract whose form does not abide by legal statute, for instance, is not in writing, does not show consideration, etc.

UNFINISHED BUILDING SPACE - An incomplete building which may require plumbing or heating fixtures, etc.

UNIFORM COMMERCIAL CODE - A group of nationally conforming laws which regulate personal and real property transactions.

UNILATERAL CONTRACT - A contract agreement whereby one party promises to perform an act for another, in exchange for consideration.

UNIT COST - Square food cost.

UNIT VALUE RATIO - The percentage of value of one unit to the total project, for example, one condominium unit to the whole subdivision.

UNIT RULE - In condemnation proceedings, property valued as a whole.

UNITY OF TIME, TITLE, INTEREST & POSSESSION - Under joint tenancy, all interest must be equal.

UNLAWFUL DETAINER - Unlawful possession of another's property, such as a tenant continuing to live in an apartment after right of tenacy was terminated.

UNMARKETABLE TITLE - Encumbered or defective title.

UNRECORDED DEED - An unrecorded deed transfers ownership from one party to another without being officially recorded.

UNRECORDED INSTRUMENT - Legal Documents pertaining to real estate which are not recorded with the county, i.e., a deed, mortgage, easement, etc., are valid between the parties, but not protected by state statutes.

UNSECURED LOAN - Any loan that is not backed by collateral.

UPGRADES - Options than the standard carpeting, lighting, finish carpentry, and other amenities offered to all buyers in a new-home project.

UPSET PRICE - Lowest price at which a property may be sold through foreclosure.

UPZONING - The process in which a property is zoned from a lower to a higher use.

URBAN RENEWAL - Improving functionally obsolecent portions of a city with government financing.

URBAN SPRAWL - The unplanned expansion of development over a large area.

USABLE AREA - That portion of rented space which is actually usable, excluding stairways and restrooms, etc.

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT - A federal agency that oversees the Federal Housing Administration and a variety of housing and community development programs.

USE DENSITY - See Density.

USEFUL LIFE - For appraisal or tax purpose, the time period during which a building or structure is economically feasible to use per owner.

USE TAX - A tax levied on goods purchased in another state.

USURY - A reference to illegally excessive interest charged on any loan.

UTILITY ROOM - A room which may contain one or all of the following: washer, dryer, water, heater, furnace, cleaning materials.