Real Estate & Investing Dictionary
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U.C.C.
Uniform Commercial Code: A secure financial transaction to include other related statements filed in the Secretary of State's office and the County Clerk's office. Copies obtained may need to be stamped "Official Copy" or similar to have official bearing.

U.S.C.
United States Code. Legislation prescribing proper business practices.

UCC
Uniform Commercial Code: A secure financial transaction to include other related statements filed in the Secretary of State's office and the County Clerk's office. Copies obtained may need to be stamped "Official Copy" or similar to have official bearing.

Undercoat
A priming coat of paint.

Underlying Mortgage
The first mortgage on a property when other mortgages exist on the same property.

Underwriter
The person who makes the final decision on whether a loan should be granted or not at most mortgage companies.

Underwriting
The process of evaluating a loan application to determine the risk involved for the lender. Underwriting involves an analysis of the borrower's creditworthiness and the quality of the property itself.

Underwriting Fee
Fee charged by the lender to do the work to verify information, necessary to make a decision as to whether or not to approve a loan.

Undivided Interest
Ownership of real estate by joint tenants or tenants in common under the same title.

Unearned Income
Income received for work not yet finished, such as payment in advance for contracting work.

Unilateral Contract
One-sided contract where, even if one party makes a promise, the second party is not legally required to perform, but may do so, thus obligating the first party.

Unilateral Contract
A contract in which one party is bound by another to do something. If the second party chooses to exercise the contract, the first party must perform any contractual obligations that party may have. If the second party chooses not to exercise the contract, the first party is released from any contractual obligations.

Unlawful Detainer
An eviction lawsuit.

Unrealized Gain
Increase in the value of property while it is being held. Gain is only realized upon sale.

Unrecorded Deed
Deed transferring ownership from one person to another but that is not officially recorded.

Unsecured Line of Credit
A credit history developed by an individual who borrows small amounts of money, which do not require collateral.

Unsecured Loan
A loan that is not backed by collateral.

Upside Down
A position in which a borrower owes more on property than the property is worth.

Usufruct
The right to use property--or income from property--that is owned by another.

Usury
A rate of interest on a loan which is greater than the law allows.
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