Glossary of Terms
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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. Underwriting - The act of applying formal guidelines that provide qualitative and quantitative standards for determining whether or not a loan should be approved.
Undivided Interest - an ownership right to use and possession of a property that is shared among co-owners, with no one co-owner having exclusive rights to any portion of the property.
Unencumbered Property - real estate that is owned free and clear.
Unilateral Contract - an obligation given by one party contingent on the performance of another party, but without obligating the second party to perform.
Unimproved Property - land that has received no development, construction, or site preparation (raw land).
Unrealized Gain - excess of current market value over cost for an asset that is not sold.
Unrecorded Deed - instrument that transfers title from one party (grantor) to another party (grantee) without providing public notice of the change in ownership.
Urban Renewal - process of redeveloping deteriorated sections of the city, often through demolition and new construction, may be privately funded, but most often associated with government renewal programs.
Usufruct - the right to use property--or income from property--that is owned by another.
Usury - charging a rate of interest greater than that permitted by state law.
Utility Easement - use of another’s property for the purpose of laying gas, water, electric and sewer lines.
V.A. Loan - home loan guaranteed by the U.S. Veterans Administration under the Servicemen’s Readjustment Act of 1944 and later to compensate lender in the event of default.
Valuation - The estimated worth or price. The act of valuation by appraisal.
Variable Interest Rate - amount of compensation to a lender that is allowed to vary over the maturity of a loan, typically governed by an appopriate index.
Variable Rate Mortgage - long-term mortgage loan applied to residences, under which the interest rate may be adjusted on a six month basis over the term of the loan, according to certain restrictions.
Vendee - a buyer of real estate.
Vendee’s Lien - a lien against property under a contract of sale to secure the deposit paid by the purchaser.
Vendor - a seller of real estate.
Veneer - wood or brick exterior that covers a less attractive and less expensive surface.
Warehouse Fee - A closing-cost fee representing the lender\’s cost of holding a borrower\’s loan temporarily before it is sold on the secondary mortgage market.
Waiver - the voluntary renunciation, abandonment, or surrender of some claim, right or privilege.
Warranty Deed - deed that contains a covenant that the grantor will protect the grantee against any and all claims; usually contains covenants ensuring good title, freedom from encumbrances, and quiet enjoyment.
Wholesale - to contract a property with the intention of reselling it quickly at a higher price.
Wild Deed - An improperly recorded deed
Without Recourse - words used in endorsing a note to denote the note holder is not to look to the debtor personally in the event of nonpayment.
Wraparound Mortgage - loan arrangement in which an existing loan is retained and an additional loan is made that equals or exceeds the existing loan.
Writ of Execution - a court order which authorizes and directs the proper officer of the court (usually the sheriff) to carry into effect the judgment or decree of the court.
Yield - measurement of the rate of earnings of an investment.
Zero Lot Line - a form of cluster housing development in which individual dwelling units are placed on separately platted lots, but are attached to each other.
Zoning - legal mechanism for local governments to regulate the use of privately owned real estate to prevent conflicting land uses and promote orderly development.
Glossary of Terms
A - D, E - H, I - L, M - P, Q - T, U - Z
