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U.S. Department. of Housing and Urban Development (HUD)
A federal agency that oversees the Federal Housing Administration and a variety of housing and community development programs.

Underwriting
The act of applying formal guidelines that provide qualitative and quantitative standards for determining whether or not a loan should be approved.

Undivided Interest
An ownership right to use and possession of a property that is shared among co-owners, with no one co-owner having exclusive rights to any portion of the property.

Unencumbered Property
Real estate that is owned free and clear.

Unilateral Contract
An obligation given by one party contingent on the performance of another party, but without obligating the second party to perform.

Unimproved Property
Land that has received no development, construction, or site preparation (raw land).

Unrealized Gain
Excess of current market value over cost for an asset that is not sold.

Unrecorded Deed
Instrument that transfers title from one party (grantor) to another party (grantee) without providing public notice of the change in ownership.

Urban Renewal
Process of redeveloping deteriorated sections of the city, often through demolition and new construction, may be privately funded, but most often associated with government renewal programs.

Usufruct
The right to use property–or income from property–that is owned by another.

Usury
Charging a rate of interest greater than that permitted by state law.

Utility Easement
Use of another’s property for the purpose of laying gas, water, electric and sewer lines.