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.
