The Real Estate
Encyclopedia: U-Z

In real estate appraisal, the unit-in-place method is a technique used to estimate the cost of constructing a building by calculating the cost of each major component. These components may include the foundation, walls, windows, roof, and other structural elements....

In real estate, unimproved land generally refers to land that has no buildings or structural improvements on it. The term distinguishes such property from developed or improved land. Unimproved land can also mean land in its natural state, without utilities, streets,...

In real estate and commercial law, the Uniform Commercial Code is a standardized body of laws adopted by the states to provide a consistent framework for commercial transactions. It establishes a unified and comprehensive method for regulating security interests in...

In real estate law, unencumbered refers to property that is free of liens, claims, or other encumbrances. It indicates that no legal restrictions or financial obligations are attached to the title. Property that is unencumbered, or free and clear, is not subject to...

In real estate economics, unearned increment refers to an increase in the value of property that occurs without any effort or improvement made by the owner. The rise in value is typically attributable to external factors rather than the owner’s actions. Unearned...

In real estate and contract law, undue influence refers to the improper use of a fiduciary or confidential relationship to gain an unfair or fraudulent advantage over another person. It typically involves taking advantage of someone’s weakness, distress, or...

In real estate law, an undivided interest is a partial ownership interest held by two or more persons in the same property. Each owner has the right to use and possess the entire property, even though their ownership shares may be equal or unequal. An undivided...

In real estate and finance, underwriting refers to the process of evaluating and assuming financial risk in connection with a loan or insurance policy. It involves analyzing the qualifications of a borrower, the value of the property, and other relevant factors before...

In real estate and insurance practice, an underwriter is a person or entity that assumes the risk of insuring another. The underwriter evaluates risk and agrees to provide insurance coverage in exchange for a premium. For example, a smaller title company may issue...

In real estate finance, underlying financing refers to an existing mortgage, deed of trust, or contract that remains in place when new security instruments are created on the same property. It represents prior financing that has not been paid off or replaced....