Glossary in letter u

U-value
The amount of heat a door or window disperses between the inside air and the environment.
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.
Unbundled real estate services
Real estate services not connected together, but purchase transaction at a time.
Underlayment
A layer of specialized wood between the sub floor and the floor.
Underwriter’s knot
A code-approved knot tied at the end of any electrical cord to prevent the wires from being pulled away from their connection to electrical terminals.
Underwriting
The process in which lenders evaluate the risks posed by a particular borrower hence setting appropriate conditions for the loan.
Underwriting fee
A charged fee by the lender to verify information on the loan application, authenticate the properties worth as collateral, and make a final decision about whether to grant a loan to the applicant.
Undisclosed heir
A person who claims the right to a piece of property after the dies without a will.
Undisclosed spouse
A marital couple who can claim the right to a piece of property but is not identified in the owners will.
Unilateral contract
A one-sided contract whereby if one party makes a promise to do something, the second party is not legally required to perform but 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.
Unsecured loan
Any loan that is not backed-up by collateral.
Upgrades
Options that are offered to buyers in a new-home project that go beyond the standard carpeting, lighting, finish carpentry, and other amenities.
Up zoning
The process in which a property is zoned from a lower to a higher importance.
Urban sprawl
The unplanned expansion of development over a large property or area.
Usury
Illegally excessive interest charged usually on loans.