Glossary of Real Estate Terms (un-us)

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

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.

Unrecorded deed

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

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.

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.

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

• A reference to illegally excessive interest charged on any loan.