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Glossary of Terms
Don't be confused about the terminology used in the industry, find out what it all means here.
Property that is not being used so as to produce the maximum income it is capable of producing.
Insurance which would provide insufficient proceeds to compensate for the loss of the value of the insured item.
A promise, reduced to writing, which is legally enforceable.
A person who reviews and evaluates an application for a loan or insurance policy.
The decision as to whether or not to accept a loan or insurance application.
Real property that has not been subjected to mans labour to make it more valuable of profitable. Raw land.
When a person deals with another party on behalf of a third person but does not inform the party with whom he is dealing of this relationship.
The identity of the person whom an undisclosed agent represents.
The term to describe the title of co-owners of a property as joint tenants such that the co-owners title cannot be separated.
The exertion by a third party of any kind of control such that a person signs a contract or other instrument which, absent the influence of the third party, he would not have signed. A contract or instrument may be set aside as not binding on any party who signs it while under undue influence.
Land that has no claims, liens or mortgages registered against it.
Any agreement that will not stand up to legal challenge. May result from the incapacity of a party, the illegality of the terms of the agreement, or the presence of undue influence, threat or coercion upon a party which caused that party to sign the contract.
UNIFORM VENDOR AND PURCHASER RISK ACT
A law that apportions responsibility for damage due to fire between a purchaser and vendor for the period between the signing of the agreement of sale and the closing date.
An agreement to exchange payment for services, where payment becomes due only once the service has been successfully performed. A listing agreement for the sale of real property may be a unilateral contract.
Ownership of land which is subject to flaws such that a title insurance company refuses insure it.
A single dwelling within a larger complex especially in condominium projects where the unit is the portion of the complex which is for the exclusive use of the owner of the unit.
UNITY OF POSSESSION
A right of each joint tenant to use, occupy and enjoy the entire property.
UNITY OF TIME
For joint tenants, the requirement that each of the tenants acquires her interest at the same time, as part of the same conveyance.
UNITY OF TITLE
For joint tenants, the requirement that each of the tenants acquires her interest in the same instrument of conveyance.
The illegal possession of land by one whose original possession was legal.
Similar to uninsurable title, ownership of land which is defective such that no one would wish to purchase it.
A legal document which purports to affect rights and interests in land but which has not been added to the public record for the property.
A loan in air, with no asset pledged as collateral or security for it.
UP RENT POTENTIAL
An estimate of the amount rent on a property may be reasonably raised over a period of time.
Property which borders on a body of water.
An amount set by the court which creates the reserve bid for an auction of property; the property may not be sold for less than the upset price.
URBAN DEVELOPMENT ACTION GRANT (UDAG)
A program of the Department of Housing and Urban Development (HUD) lending money for the revitalization of commercial areas.
The process of acquiring and redeveloping property for the purposes of increasing its profitability or utility. May be conducted by government, private interests or a combination of the two.
Slang term for the growth of cities in an unplanned and often wasteful manner.
UREAFORMALDEHYDE FORM INSULATION (UFFI)
A form of residential and commercial insulation popular in the 1970s which was found to give off toxic gases. Properties insulated with UFFI sell for much less than similar, non-UFFI properties as a result of the fear of health problems. In many jurisdictions, the Vendor of a residential property must inform a prospective purchaser of the presence of UFFI or provide a warranty that there is no UFFI in the property.
Noun Term for the purpose for which a property is occupied, mostly related to zoning by-laws or ordinances. Some typical uses would be residential, commercial, industrial, etc.
An estimation of the period of time over which a property, building or other asset will be of value or use to its owner.
The illegal act of charging extremely high interest rates on a loan.
Services, such as gas, electricity, water, sewers, which are required in any dwelling and for which the owner must pay separately. In some jurisdictions, arrears in payment of charges for utilities may form a lien on the property.