Home Page - Kelowna Real Estate

UNDERIMPROVED LAND:
Property that is not being used so as to produce the maximum income it is capable of producing.

UNDERINSURANCE:
Insurance which would provide insufficient proceeds to compensate for the loss of the value of the insured item.

UNDERTAKING:
A promise, reduced to writing, which is legally enforceable.

UNDERWRITER:
A person who reviews and evaluates an application for a loan or insurance policy.

UNDERWRITING:
The decision as to whether or not to accept a loan or insurance application.

UNDEVELOPED LAND:
Real property that has not been subjected to man's labour to make it more valuable of profitable. Raw land.

UNDISCLOSED AGENCY:
When a person deals with another party on behalf of a third person but does not inform the party with whom he is dealing of this relationship.

UNDISCLOSED PRINCIPAL:
The identity of the person whom an undisclosed agent represents.

UNDIVIDED INTEREST:
The term to describe the title of co-owners of a property as joint tenants such that the co-owners' title cannot be separated.

UNDUE INFLUENCE:
The exertion by a third party of any kind of control such that a person signs a contract or other instrument which, absent the influence of the third party, he would not have signed. A contract or instrument may be set aside as not binding on any party who signs it while under undue influence.

UNENCUMBERED PROPERTY:
Land that has no claims, liens or mortgages registered against it.

UNENFORCEABLE CONTRACT:
Any agreement that will not stand up to legal challenge. May result from the incapacity of a party, the illegality of the terms of the agreement, or the presence of undue influence, threat or coercion upon a party which caused that party to sign the contract.

UNILATERAL CONTRACT:
An agreement to exchange payment for services, where payment becomes due only once the service has been successfully performed. A listing agreement for the sale of real property may be a unilateral contract.

UNIMPROVED LAND:
See "undeveloped land".

UNINSURABLE TITLE:
Ownership of land which is subject to flaws such that a title insurance company refuses insure it.

UNIT:
A single dwelling within a larger complex: especially in condominium projects where the unit is the portion of the complex which is for the exclusive use of the owner of the unit.

UNITY OF POSSESSION:
A right of each joint tenant to use, occupy and enjoy the entire property.

UNITY OF TIME:
For joint tenants, the requirement that each of the tenants acquires her interest at the same time, as part of the same conveyance.

UNITY OF TITLE:
For joint tenants, the requirement that each of the tenants acquires her interest in the same instrument of conveyance.

UNLAWFUL DETAINER:
The illegal possession of land by one whose original possession was legal.

UNMARKETABLE TITLE:
Similar to "uninsurable title:, ownership of land which is defective such that no one would wish to purchase it.

UNRECORDED/UNREGISTERED INSTRUMENT:
A legal document which purports to affect rights and interests in land but which has not been added to the public record for the property.

UNSECURED LOAN:
A loan in air, with no asset pledged as collateral or security for it.

UP RENT POTENTIAL:
An estimate of the amount rent on a property may be reasonably raised over a period of time.

UPLAND:
Property which borders on a body of water.

URBAN RENEWAL:
The process of acquiring and redeveloping property for the purposes of increasing its profitability or utility. May be conducted by government, private interests or a combination of the two.

URBAN SPRAWL:
Slang term for the growth of cities in an unplanned and often wasteful manner.

UREAFORMALDEHYDE FORM INSULATION (UFFI):
A form of residential and commercial insulation popular in the 1970s which was found to give off toxic gases. Properties insulated with UFFI sell for much less than similar, non-UFFI properties as a result of the fear of health problems. In many jurisdictions, the Vendor of a residential property must inform a prospective purchaser of the presence of UFFI or provide a warranty that there is no UFFI in the property.

USE:
Noun: Term for the purpose for which a property is occupied, mostly related to zoning by-laws or ordinances. Some typical uses would be residential, commercial, industrial, etc.

USEFUL LIFE:
An estimation of the period of time over which a property, building or other asset will be of value or use to its owner.

USURY:
The illegal act of charging extremely high interest rates on a loan.

UTILITIES:
Services, such as gas, electricity, water, sewers, which are required in any dwelling and for which the owner must pay separately. In some jurisdictions, arrears in payment of charges for util