Taunya Fagan Real Estate Glossary and Dictionary of Real Estate Terms Beginning With "U" - Mortgage Glossary and Real Estate Terminology - Terms You May Need to Know When Preparing Your Bozeman Real Estate Transaction

UL (Underwriters Laboratories, Inc.) Label:
Label displayed on packaging to indicate the level of fire and/or wind resistance of asphalt roofing.

Under Contract:
Home has an acceptable purchase agreement in place and the transaction awaits final home inspections and the settlement or closing processes.

Underlayment:
A layer of wood between the subfloor and the floor.

Underwriter:
Person or entity responsible for approving a borrower for a mortgage based on the assessment of the buyer's creditworthiness and risk for the lender.

Underwriting:
The process that lenders go through to evaluate the risks posed by a particular borrower and to set appropriate conditions for the loan.

Undisclosed heir:
A person who claims the right to a piece of property after the death of an owner without a will.

Undisclosed spouse:
An unidentified marital partner who can claim the right to a piece of property.

Unencumbered:
Property that is free of liens and other encumbrances.

Unimproved land:
Most commonly refers to land without improvements or buildings but also can mean land in its natural state.

Unrecorded deed:
An unrecorded deed transfers ownership from one party to another without being officially recorded.

Unsecured loan:
Any loan that is not backed by collateral.

Upgrades:
Options than the standard carpeting, lighting, finish carpentry and other amenities offered to all buyers in a new-home project.

Upzoning:
The process in which a property is zoned from a lower to a higher use.

Urban sprawl:
The unplanned expansion of development over a large area.

Usury:
A reference to illegally excessive interest charged on any loan.

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All information contained herein is derived from sources deemed reliable, however, information is not guaranteed by Prudential Montana Real Estate, Managing Broker, Taunya Fagan or other Agents or Sellers. Offering is subject to error, omissions, prior sales, price change or withdrawal without notice and approval of purchase by Seller. We urge independent verification of each and every item submitted, to the satisfaction of any prospective purchaser. Prudential, the Prudential logo and the Rock symbol are registered service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide. Used under license with no other affiliation with Prudential. Equal Housing Opportunity.