A GLOSSARY OF REAL ESTATE TERMS

U


Underwriting
The process by which a lender decides whether to lend money, based on the value of the property, the borrower’s credit history and any other relevant factors.
Upside-down
A position that consumers find themselves in when the outstanding balance of a loan is higher than the current fair market value of the property purchased with the loan.
Unsubordinated Ground Lease
A lease in which rights of the lessor of the ground are senior to the rights of the holder of the first mortgage.
Upzoning
The process, often controversial, of changing the zoning in an area, usually to allow greater density or commercial use. Sometimes the term is used to mean the opposite -- changing the zoning in a broad area to limit growth and density.
Usury
On a loan, claiming a rate of interest greater than permitted by law.
Usury Rates
A rate based on unnecessarily or unlawfully high interest; act or practice of lending money at high interest; sometimes intangible property taxes are applied to income from usurious rates.
Utilities
The total of all utility expenses relating to the property; typically includes gas, electricity, oil, etc.