UNDERLYING FINANCING
- A mortgage, deed of trust, etc. prior to (underlying) a land
contract, mortgage, etc, on the same property.
UNDERWRITER
- One who insures another. A small title company may buy insurance from
a larger one (the underwriter) for all or part of the liability or its
policies.
UNDISCLOSED PRINCIPAL
- A principal whose identity is not revealed by an agent.
UNDUE INFLUENCE -
Influence used to destroy the will of another so that his decisions is
not of his free will.
UNENCUMBERED - Free
of liens and other encumbrances. Free and clear.
UNIFORM COMMERCIAL CODE
- A code/law which regulates the transfer of personal property; it took
the place of the various state statutes covering chattel mortgages,
conditional sales, trust receipts, etc.
UNIFORMITY - A term
used to describe equality in the burden of taxation in both assessment
and the rate of taxation.
UNILATERAL CONTRACT
- A contract where one party expressly makes a promise. the other
party, although having made no reciprocal promise may be obligated by
law or may be required to give consideration.
UNITY OF TITLE - In
joint tenancy, the holding by the joint tenants under the same title.
UNMARKETABLE TITLE -
Not saleable. Having serious defects.
UNRECORDED INSTRUMENT
- A mortgage, deed, etc., which is not recorded and therefore not
protected under recording statutes. An unrecorded instrument is valid
between the parties but is not protected from the innocent acts of
third parties.
USEFUL LIFE
- An appraisal term for evaluation purposes. The economic life of a
piece of real property in terms of use by its owner. In tax terms the
number of years that an item can be depreciated. The useful life starts
over when a new owner acquires the property.
USURY - Charging an
interest rate greater than the rate permitted by law.
UTILITIES
- Public utilities companies under the control of Public Utilities
Commission such as the gas, water, electric, and telephone companies.