Underwriting: The decision whether
to make a loan to a borrower based on income, credit
rating, etc.
Undivided Interest: An ownership
right to use and possess a property that is shared
among co-owners, with no one co-owner having exclusive
rights to any portion of the property.
Unencumbered Property: Property which
has a free and clear title.
Unimproved Property: Land upon which
there has been no development (roads, buildings, etc.)
Unrecorded Deed: A deed which conveys
ownership to another party that is not recorded in
a public office.
Usury: Charging an interest rate
which is above the allowable rate determined by appropriate
laws.
