Real Estate Insurance Terms - U

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ULTRA VIRES - Originally acts of a corporation beyond or against its charger. Now includes illegal acts. An officer of a corporation may be personally liable for an ultra vires act of the corporation.

UNAVOIDABLE CAUSE - A cause with reasonable prudence and care should not have prevented, such as death, illness, papers lost in the mail, etc.

UNBALANCED IMPROVEMENT - An appraisal term describing an improvement not in conformity with the surrounding area, and so, not suited to its location. May be an under improvement.

UNCONSCIONABLE CONTRACT - So unfair that a court will not allow it. So one-sided that no one in his right mind would agree on one side and no fair and honest person would agree on the other side.

UNDERCOATING - A "prime" or first coat before the finish or "top coat" of paint or other finish.

UNDERFLOOR WIRING SYSTEM - A system of electrical wiring built into the floor of a building through conduits, ducts and raceways.

UNDER-IMPROVEMENT - An improvement which is deficient in size or quality in relation to the side on which it is built.

UNDER-LEASE - A sub-lease for either less than the remaining term on the master lease or less than the total property covered by the master lease.

UNDERLYING FINANCING - A mortgage, deed of trust, etc., prior to (underlying) a land contract, mortgage, etc. on the same property.

UNDERPASS - A passageway under a road, railway or other right of way. May be for pedestrian traffic, automobiles or any other method of transportation.

UNDERPINNING - (1) Temporary load-bearing beams used during construction. (2) Permanent load-bearing supports, added to an existing structure.

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 of its policies. A larger title company may buy part of the insurance from another company on high liability policies.

UNDISCLOSED PRINCIPAL - A principal whose identity is not revealed by an agent.

UNDIVIDED INTEREST -- A partial interest by two or more people in the same property, whether the interest of each is equal or unequal.

UNDUE INFLUENCE - Influence used to destroy the will of another so that his decision is not his free act.

UNDULATING LAND - Rolling land composed of compound slopes (two or more slopes of different grades).

UNEARNED INCREMENT - An increase in value to real property due to some change in the area rather than an improvement in the property itself.

UNEARNED PREMIUM - That unused portion of an insurance premium which is returned to the policy holder upon cancellation.

UNENCUMBERED-Free of liens and other encumbrances. Free and clear.

UNFINISHED BUILDING SPACE - Not completed. A general term not specifying how much has not bee completed. May need paint, floor covering, or other minor completions. May need plumbing electricity, floors, or other major completions.

UNIFORM COMMERCIAL CODE - A code (laws) which regulates the transfer or personal property; it took the place of the various state statutes coving chattel mortgages, conditional sales, trust receipts, etc.

UNIFORMITY - In taxation, equality in the burden of taxation, implying equality in the method of assessment as well as the rate of taxation.

UNIFORM LAWS - Laws approved by the National Conference of Commissioners on Uniform State Laws. Many have been adopted in one or more states. Among these are the Uniform Commercial Code, Uniform Negotiable Instruments Act, Uniform Partnership Act, Uniform Residential Landlord and Tenant Act, etc.

UNILATERAL CONTRACT - A contract under which one party expressly makes a promise, may be obligated by law or may have already given consideration.

UNIMPROVED LAND - Most commonly land without buildings; it can also mean land in its natural state.

UNINCORPORATED AREA - An area of a county which has not formed a municipal corporation.

UNIT - (1) One of any group. (2) An apartment, condominium, house in a subdivision, etc.

UNIT COST - In relation to real estate, a cost per square foot. Also called unit price.

UNIT COST IN PLACE METHOD - An appraisal method. The cost of construction by estimating the cost of each component part in place, including labor cost and overhead.

UNITIES - The peculiarities necessary to form a valid joint tenancy. Unity of time, title, interest and possession.

UNITY OF INTEREST - In joint tenancy, the joint tenants must acquire their interest by the same conveyance and said interest must be equal.

UNITY OF POSSESSION - In joint tenancy, the joint tenants must have equal rights to possession.

UNITY OF TIME - To have a valid joint tenancy, the joint tenants must acquire title at the same time.

UNITY OF TITLE - In joint tenancy, the holding by the joint tenants under the same title.

UNLAWFUL DETAINER - The unjustifiable possession of property by one whose original entry was lawful but whose right to possession has terminated; usually a tenant.

UNMARKETABLE TITLE - Not saleable. A title which has serious defects.

UNRECORDED INSTRUMENT - A deed, mortgage, etc., which is not recorded in the county recorder's office and, therefore, not protected under recording statutes. Valid between the parties involved, but not against innocent third parties.

UNSECURED - Generally referring to an obligation which has only a promise as a security. A note would be unsecured; a note and mortgage would be secured.

UPLANDS - Land bordering bodies of water but above the high water mark.

UPSET PRICE - A legal term signifying the minimum price at which a property can be sold at auction, usually foreclosure.

URBAN - Pertaining to a city or town.

URBAN RENEWAL - Razing and rebuilding of obsolete sections of cities through financing by federal, state and local governments.

USE DENSITY - The relationship of the number of buildings of a particular use to a given land area.

USEFUL LIFE - (1) In appraisal for sale purposes, the true economic value of a building in terms of years of use to the owner. (2) For tax purposes, the life set for depreciation. At any time during that period, a new life could begin for a new owner.

USE VALUE - The value of a single purpose property or building. Also called value-in-use.

UNSUFRUCT - The right to use and profit from property vested in another, so long as the user (usufructuary) does not change the substance of the property. Would include an easement but not a profit a prendre.

USURY - Charging an illegal rate or amount of interest on a loan.

UTILITIES - Public utility companies, under the control of the Public Utilities Commission, such as the telephone, gas and electric companies.

UTILITY ROOM - A room used for laundry, heating equipment, telephone wiring or janitorial wiring or janitorial purposes.