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Works of Joy
Glossary of Real Estate Terms
U
| U.S. Department. of Housing and Urban Development |
| 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 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. |
| Unsecured loan |
| Any loan that is not backed by collateral. |
| Upgrades |
| Options than the standard carpeting, lighting, finish carpentryand 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. |
