Real Estate Glossary U

U.S. Department. Of housing and urban development (hud) - A federal agency that oversees the Federal Housing Administration and a variety of housing and community development programs.

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

Underwriting - The process that 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.

Unilateral contract - A contract in which one party makes an obligation to perform without receiving in return any express promise of performance from the other party, such as an open listing contract, where the seller agrees to pay a commission to the first broker who brings in a ready, willing and able buyer.

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

Unsecured loan - Any loan that is not backed by collateral.

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

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

Upset price - A minimum price set by a court in a judicial foreclosure, below which the property may not be sold by a court appointed commissioner at public auction; the minimum price, which can be accepted for the property after the court has had the property, appraised.

Urban sprawl - The unplanned expansion of development over a large area.

Useful life - That period of time over which an asset, such as a building, is expected to remain economically feasible to the owner.