Real Estate Terms - U

# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Underwriting - The analyzation process of your loan application to determine if the amount of risk involved by granting the loan. The process includes reviewing your credit history and judging the market value of the property that would be purchased.

Undivided Interest - real property by which the title is held by two or more individuals without specifying the interest of each party by a description of a portion of the property or a percentage. Usually such interest are between joint tenants or tenants by the entirety.

Unencumbered Property - Any property that doesn't have any outstanding liens, mortgages or claims against it.

Unilateral Contract - an agreement to pay in exchange for performance should the performer choose to act.

Unmarketable title - This is a case where the title can't be sold for a fair market value because of limitations or defects.

Upset Price - In relation to foreclosed properties, it is the minimum price below which the property can't be sold.

Real Estate Glossary