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U-value
The amount of heat a door or
window conducts between the inside air and the
environment. |
U.S. Department of
Housing and Urban Development
Also known as HUD. A federal
agency that oversees the Federal Housing
Administration and a variety of housing and
community development programs. |
unbundled real estate
services
Real estate services not bound
together, but purchase transaction at a time. |
underlayment
A layer of wood between the
subfloor and the floor. |
underwriters' knot
A code-approved knot tied at
the end of an electrical cord to prevent the wires
from being pulled away from their connection to
electrical terminals. |
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underwriting
The process in which lenders
evaluate the risks posed by a particular borrower
and set appropriate conditions for the loan. |
underwriting fee
A fee charged by the lender to
verify information on the loan application,
authenticate the property's worth as collateral, and
make a final determination about whether to grant a
loan to the applicant. |
undisclosed heir
A person who claims the right
to a piece of property after the death of an owner
without a will. |
undisclosed spouse
A marital partner who can claim
the right to a piece of property but is not
identified in the owner's will. |
unilateral contract
A one-sided contract. If one
party makes a promise to do something, the second
party is not legally required to perform. If the
second party does comply, however, the first party
is obligated to keep its promise. |
unrecorded deed
A deed that transfers ownership
from one party to another without being officially
recorded. |
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unsecured loan
Any loan that is not backed by
collateral. |
unsecured loan
An unsecured loan is a loan
that is not backed up by collateral. Often, loans
from family members or pesonal acquaintances are
unsecured loans. A gift from another person that is
not expected to be repaid is not an unsecured loan. |
upgrades
Options offered to buyers in a
new-home project that go beyond the standard
carpeting, lighting, finish carpentry, and other
amenities. |
upzoning
The process in which a property
is zoned from a lower to a higher use. |
urban sprawl
The unplanned expansion of
development over a large area. |
usury
Illegally excessive interest
charged on any loan. |
