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HUD
Home Buying Glossary - U
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UCC
- See Uniform Commercial Code.
Ultra
Vires - An act outside the authority of a person
acting. That person is responsible personally for
his/her actions.
Unconscionable
Contract - A contract that is unfair or harsh that the
court will refuse to enforce it.
Underimprovement
- An improvement to real estate that is less than the
property's highest and best use; for example, a single family
house built on a lot zoned for a six-unit residential
building.
Underlying
Mortgage -
A lien that has priority over liens of other creditors.
It must be repaid before the other liens are fully
paid.
Underwriter
- One who underwrites a loan for another.
Underwriting
-
In mortgage lending, the process of approving or
denying a loan based on an evaluation of the property and the
applicant’s creditworthiness and ability to repay the loan.
The underwriter analyzes the risks involved and selects
an appropriate loan term and interest rate.
Unencumbered
Property - Property to which the title is free and clear.
Undivided
Interest - An unspecified interest in the whole rather
than a separate interest in a particular portion of a
property.
Undue
Influence - Taking advantage of another because of a
unique position of trust, such as a doctor-patient or
attorney-client relationship.
Unearned
Increment - An increase in value that is not due to any
effort of the owner.
Uniform
Commercial Code - Standardized commercial laws adopted
throughout the nation.
Uniform
Residential Appraisal Report - A form used for VA, FNMA,
FHA, and FHLMC loans for the appraisal.
Uniform
Residential Landlord and Tenant Act - An act adopted in
whole or in part by a number of states and designed to provide
uniformity as to the rights and obligations of residential
tenants and landlords.
Uniform
Settlement Statement -
Provides an itemization of both the seller’s and
borrower’s costs for closing the loan.
Unilateral
Contract - A promise in exchange for an act; accepted by
the offeree's performance.
Unit-in-Place
Method - A method for finding the reproduction cost of a
building in which the construction cost per square foot of
each component part of the subject building (including
material, labor, overhead and builder's profit) is multiplied
by the number of square feet of the component part in the
subject building.
Universal
Agent - An agent appointed to perform all acts that the
principal can delegate lawfully to another.
Unlawful
Detainer - Legal eviction procedure.
Upset
Price - Minimum bid at an auction.
URAR
- See Uniform Residential Appraisal Report.
Useful
Life - The period of time during which a structure may
reasonable be expected to perform the function for which it
was designed or intended.
Use
Value - The value of a property designed to fit the
specific requirements of the owner but which would have little
or no use to another owner.
Usury
- Charging an interest rate higher than allowed by law.
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