underlying fee An owner’s interest in the real property lying
beneath an easement. For example, the owner of the underlying fee
beneath a right-of-way would own all mineral rights.
underwriting Casualty underwriting is the process of determining
the insurability of individual risks by using a technical, but often subjective,
sets of criteria, such as age, physical condition, or location of a particular
property for casualty insurance purposes. Loan underwriting is the
process of evaluating loan applicants.
underwriting lease syn head lease, principal lease, main lease, master lease, and original lease See master lease.
undivided interests Co-owners of property each own a share of the entire property, not any particular portion. Such interest are undivided.
unexecuted deposit receipt A disguised sale. The parties to a sale sign a legally binding sales agreement (deposit receipt) but delay opening and closing escrow for a long period during which the buyer makes payments on the purchase price and takes possession. The intent is to conceal the sale from the existing mortgage lender and/or tax assessor. Like other disguised arrangements, it is fraught with the potential for legal problems.
Uniform Residential Landlord and Tenant Act, (URLTA) See URLTA.
unimproved land See raw land.
unit A standard measurement. A single component part of a whole, such as an apartment building consisting of 100 units. A family unit consists of more than one person, but a family is only one unit in considering housing densities.
unlawful detainer A legal action by a landlord to evict a tenant. It is more expeditious than most lawsuits. Such an action must be preceded by an appropriate notice to the tenant, such as a three-day notice to pay.
unleveraged purchase An acquisition made entirely with equity cash. Such investors are often seeking income. By avoiding financing charges they obtain a greater yield from the project, that is they obtain the cash flow that otherwise would have serviced the financing.
upgrade buyers Home owners who desire to purchase larger homes with more amenities. They are also called move-up buyers.
URLTA syn Uniform Residential Landlord and Tenant Act A uniform law modernizing common-law rules that govern the landlord-tenant relationship. In general, the act adopts contract principles and imposes implied duties upon landlords.
upscale project A luxury residential development, or any other development pointed toward the luxurious portion of the market.
upscale retirees Senior citizens with wealth and a desire to spend it on luxury housing. More than 11 percent of the U.S. population are over 65 years of age. Furthermore, seniors are living longer and healthier lives. These demographics are increasing the demand for upscale senior citizen housing projects, such as lifecare developments.
urban renewal The coordinated and concentrated effort with the aid of public funds and governmental powers to eliminate or prevent slum and blighting conditions in an area or areas.
urban sprawl The poorly planned encroachment of urban uses into rural areas. Urban sprawl may be characterized by leapfrogging, congestion, contiguity of development to working farms, and so forth.
usable square footage In commercial leasing, usable square footage includes a pro-rata portion of bathrooms, hallways and lobbies, for which the tenants pay rent.