Real estate definitions Dictionary provided as a service by Sandee Conley of Century21 Doug Anderson Realty, Lancaster California
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U.P.S.:
Uninterruptible Power Supply. A special power source which takes over in the event of a failure in the main power system.

UNDER CONTRACT:
A property for which the seller has accepted a buyer's offer to purchase is said to be under contract. During the period of time the property is under contract, the seller is precluded from entertaining offers from other buyers.

UNDERIMPROVED LAND:
Property that is not being used so as to produce the maximum income it is capable of producing.

UNDERIMPROVEMENT:
An improvement which because of its deficiency in size or cost is not the highest and best use of the site.

UNDERINSURANCE:
Insurance which would provide insufficient proceeds to compensate for the loss of the value of the insured item.

UNDERTAKING:
A promise, reduced to writing, which is legally enforceable.

UNDERWRITER:
A person who reviews and evaluates an application for a loan or insurance policy.

UNDERWRITING:
The technical analysis by a lender to determine the borrower's ability to repay a contemplated loan.

UNDEVELOPED LAND:
Real property that has not been subjected to man's labour to make it more valuable of profitable. Raw land.

UNDISCLOSED AGENCY:
When a person deals with another party on behalf of a third person but does not inform the party with whom he is dealing of this relationship.

UNDISCLOSED PRINCIPAL:
The identity of the person whom an undisclosed agent represents.

UNDIVIDED INTEREST:
The interest of a co-owner in real property. His interest cannot be separated without court action.

UNDUE INFLUENCE:
Taking any fraudulent or unfair advantage of another's weakness of mind or distress or necessity.

UNEARNED INCREMENT:
An increase in value of real estate due to no effort on the part of the owner; often due to increase in population.

UNENCUMBERED PROPERTY:
Land that has no claims, liens or mortgages registered against it.

UNENFORCEABLE:
A contract that cannot be sued upon in a court of law. One which cannot be enforced in a court of law.

UNENFORCEABLE CONTRACT:
Any agreement that will not stand up to legal challenge. May result from the incapacity of a party, the illegality of the terms of the agreement, or the presence of undue influence, threat or coercion upon a party which caused that party to sign the contract.

UNIFORM COMMERCIAL CODE:
Effective January 1 1965. Establishes a unified and comprehensive scheme for regulation of security transactions in personal property, superseding the existing statutes on chattel mortgages, conditional sales, trust receipts, assignment of accounts receivable and others in this field.

UNIFORM VENDOR AND PURCHASER RISK ACT:
A law that apportions responsibility for damage due to fire between a purchaser and vendor for the period between the signing of the agreement of sale and the closing date.

UNILATERAL CONTRACT:
An exchange of a promise for an act. Only one party is bound to perform.

UNIMPROVED LAND:
Most commonly refers to land without improvements or buildings but can also mean land in its natural state.

UNINSURABLE TITLE:
Ownership of land which is subject to flaws such that a title insurance company refuses insure it.

UNIT:
A single dwelling within a larger complex: especially in condominium projects where the unit is the portion of the complex which is for the exclusive use of the owner of the unit.

UNIT-IN-PLACE METHOD:
The cost of erecting a building by estimating the cost of each component part.  ie. Foundations, floors, walls, windows, ceilings, roofs, etc. - including labor and overhead.

UNITY OF POSSESSION:
A right of each joint tenant to use, occupy and enjoy the entire property.

UNITY OF TIME:
For joint tenants, the requirement that each of the tenants acquires her interest at the same time, as part of the same conveyance.

UNITY OF TITLE:
For joint tenants, the requirement that each of the tenants acquires her interest in the same instrument of conveyance.

UNLAWFUL DETAINER ACTION:
A court suit to evict a tenant.

UNMARKETABLE TITLE:
Similar to "uninsurable title:, ownership of land which is defective such that no one would wish to purchase it.

UNRECORDED/UNREGISTERED INSTRUMENT:
A legal document which purports to affect rights and interests in land but which has not been added to the public record for the property.

UNSECURED LOAN:
A loan in air, with no asset pledged as collateral or security for it.

UP RENT POTENTIAL:
An estimate of the amount rent on a property may be reasonably raised over a period of time.

UPLAND:
Property which borders on a body of water.

UPSET PRICE:
An amount set by the court which creates the reserve bid for an auction of property; the property may not be sold for less than the upset price.

URBAN DEVELOPMENT ACTION GRANT (UDAG):
A program of the Department of Housing and Urban Development (HUD) lending money for the revitalization of commercial areas.

URBAN PROPERTY:
City property; closely settled property.

URBAN RENEWAL:
The process of acquiring and redeveloping property for the purposes of increasing its profitability or utility. May be conducted by government, private interests or a combination of the two.

URBAN SPRAWL:
Slang term for the growth of cities in an unplanned and often wasteful manner.

UREAFORMALDEHYDE FORM INSULATION (UFFI):
A form of residential and commercial insulation popular in the 1970s which was found to give off toxic gases. Properties insulated with UFFI sell for much less than similar, non-UFFI properties as a result of the fear of health problems. In many jurisdictions, the Vendor of a residential property must inform a prospective purchaser of the presence of UFFI or provide a warranty that there is no UFFI in the property.

USABLE SQUARE FEET:
That space measurement actually contained within the demised premises. If the entire building is occupied by a single user, the rentable and usable square foot calculations may be the same.

USE:
Noun: Term for the purpose for which a property is occupied, mostly related to zoning by-laws or ordinances. Some typical uses would be residential, commercial, industrial, etc.

USEFUL LIFE:
An estimation of the period of time over which a property, building or other asset will be of value or use to its owner.

USE TAX:
A tax charged on goods purchased from out-of-state and used within a state, like a sales tax.

USURY:
On a loan, claiming a rate of interest greater than that permitted by law.

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UTILITY:
The ability to give satisfaction and/or excite desire for possession. Usefulness.

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