Dictionary

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Under Contract

In real estate, being “under contract” means that a buyer's offer has been accepted by the seller.

Under-improvement

An improvement which is not suitable to the site on which it is placed due to deficient size or cost.

Underwriter

In real estate, underwriting is when an individual or business entity seeks funding for a real estate project or purchase and the loan request is scrutinized to determine how much risk the lender is willing to accept. This procedure is performed by an underwriter.

Unearned Increment

Increase in value of real property without any effort of or cost to the owner.

Unsecured Loan

An unsecured loan is a loan that is issued and supported only by the borrower's creditworthiness, rather than by any type of collateral.

Urban Land

Land which partakes the nature of both rural land and urban land; usually found of a city, which has a characteristics or atmosphere of a province while enjoying the amenities of an urban land.

Urban Property

City property; closely settled property.

Use and Occupancy

Use and occupancy (U&O) refers to a type of permit required by some local governments whenever real property is transferred.

Usury

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