Real Estate Terms (U)

unenforceable

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

unlawful detainer action

A court suit to evict a tenant.

use tax

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

unilateral contract

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

under-improvement

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

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.

urban property

City property; closely settled property.

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.

usury

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

utilities

Refers to services rendered by public utility companies, such as: water, gas, electricity, telephone.

undue influence

Taking any fraudulent or unfair advantage of another's weakness of mind, or distress or necessity.

utility

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

unit-in-place method

The cost of erecting a building by estimating the cost of each component part, i.e., foundations, floors, walls, windows, ceiling, roofs, etc. (including labor and overhead).

undivided interest

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

underwriting

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