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Real Estate Glossary
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

U Terms :
Under Licence
Early possession of the property before settlement with the permission of the vendor. This usually involves the payment of rent.
Underlayment
A layer of wood between the sub-floor and the floor.
Underpinning
Supports placed under an existing wall to provide added strength.
Undisclosed Heir
A person who claims the right to a piece of property after the death of an owner without a will.
Unilateral Contract
A one-sided contract.  If one party makes a promise to do something, the second party is not legally required to perform.  If the second party does comply, however, the first party is obligated to keep its promise.
Unsecured Loan
A loan that is not backed up by collateral.
Utilities
The private or public service facilities such as gas, electricity, telephone, water, and sewer that are provided as part of the development of the land.


 


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