Glossary Provided by Homes.com, a RE/MAX Approved Supplier.
- 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.
- Underlayment
- A layer of wood between the subfloor and the floor.
- 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.
- 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.