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Real Estate Dictionary
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underimproved land

Property that has not been developed to its maximum potential and therefore is not producing the income of which it is capable.

underlying financing

A mortgage (or deed) that has priority over any other kind of contract or mortgage on a particular property.

underwriter

This term has two meanings or uses: 1) A person who evaluates an application for a loan or an insurance policy. 2) A company that insures another, such as large title company (the underwriter) that sells insurance to a smaller title insurance company for all or a portion of the policies the smaller company issues.

undeveloped land

Land on which no work has been done to make it more useful or profitable. Also called raw land.

undivided interest

A term used in the title of co-owners (i.e., joint tenants) of a property indicating that the title cannot be separated.

unencumbered property

Property that is free of any liens, claims or mortgages registered against it.

unenforceable contract

An agreement that is not legal, for one of many different reasons (e.g., one of the parties to the contract was legally incapacitated, the contract was signed as a result of a threat, some of the terms of the contract are illegal).

Uniform Vendor and Purchaser Risk Act

A law that says that both buyer and seller of a property are responsible for any fire damage that occurs between the signing of the agreement of sale and the closing.

unimproved land

see undeveloped land.

uninsurable title

Ownership of land that is some way flawed, to the extent that a title company refuses to insure it.
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