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Glossary of commonly used terms and phrases
U
U.S. Treasury Bill - T-bills that are short-term securities with maturities up to one year. Issued by the government at a discount from face value.
topU.S. Treasury Bond - Long-term securities with maturities greater than 10 years.
topU.S. Treasury Note - Intermediate term securities issued with 2,3,5, and 10 year maturities.
topUnavoidable Cause - An unpreventable happening such as death, illness, papers lost, etc. that happens even with reasonable care and prudence.
topUnderlying Financing - A prior mortgage or deed of trust on a land contract, mortgage, etc. on the same property.
topUnderwriting - The process of evaluating a loan application to determine the risk involved for the lender. Underwriting involves an analysis of the borrower's credit worthiness and the quality of the property itself.
topUndisclosed Principal - One whose identity, in a certain transaction, is not revealed by an agent.
topUnencumbered Property - A property that is free and clear of debts or liens, such as a house without a mortgage.
topUniform Residential Loan Application (1003) - A standardized loan application used for loan applications by all lenders.
topUniform Settlement Statement - Standard HUD Form 1 that is required to be given to the borrower, lender, and seller at or prior to settlement.
topUnilateral Contract - When one party makes a promise, and the other party, who made no reciprocal promise, may still be obligated by law or be given consideration.
topUnity of Possession - The joint tenants, in a joint tenancy situation, have equal rights to possession.
topUnmarketable Title - Any title that contains defects that would allow a person to be released from the obligation of the purchase.
topUnrecorded Instrument - A deed, mortgage, etc., which is not recorded in the county recorder’s office and would therefore not be protected under the statutes regarding recording.
topUnsecured-loan - A loan that is not backed by collateral.
topUseful Life - An appraisal that was done for a property that is for sale must state the true economic value of the structure in terms of years of use to the owner. For purposes of taxation, the life set for depreciation.
topUsury - An illegally high interest rate charged on a loan.
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