Real Estate Glossary Terms Beginning With – U

Updated: November 22, 2021

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Terms Beginning With - U

Property Development & Investment Glossary, Terms & Definitions

Underwriter

A person or company in charge of coordinating the process of raising funds from investors.

Undivided interest

An ownership right to share a property's use and possession with others.

Unencumbered property

Free and clear ownership to the property.

Unilateral contract

An obligation made by one party that is conditional on the performance of another party, although the second party is under no duty to perform.

Unimproved property

Land that hasn't been improved in any way.

Unit

In a limited company, a pro-rated portion of ownership. A solitary residence.

Unleveraged

The item was purchased with cash.

Unleveraged program

A limited partnership that invests in a property that is debt-free or has a mortgage of less than 50%.

Unpaid mortgage principal

The loan's outstanding balance.

Unrealized gain

The difference between the present market value and the cost of an item that has not yet been sold.

Usable area

Any space on a specific floor that a tenant may use. This region encompasses the space between the perimeter glass line and the demising walls, as well as the column spaces inside that space.

Useful life

The genuine economic value of a structure in terms of years of usage to the owner, as determined through appraisal for the purpose of selling.

Use clause

A clause in a lease that specifies how the leased space will be utilised.

Usury

A lender's charge of excessive interest, as defined by state law.

Utilities

Electricity, gas, water, sewage, and telephone are examples of essential services.

Utility easement

A right-of-way for the purpose of laying the utilities.

Glossary Index

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