Real Estate Glossary - Letter U

Underwriting

The procedure undertaken to calculate risks in approving a particular loan.

Underwritten company

A company that is not authorized to insure but only conducts title searches in return for a percentage of the premium.

Undisclosed principal

A principal who is represented by an agent and remains unknown until real estate transaction is complete.

Unenforceable contract

Any agreement that can not be legally enforced due to valid legal reasons such as incapacity or presence of undue influence.

Unilateral contract

An agreement in which services are paid only after it has been performed successfully.

Unity of title

An estate characteristic in which time, title, interest and possession exists in joint tenancy.

Unity of ownership

Composed of the four unities required to establish joint tenancy of a property.

Universal agent

A person fully authorized to act on behalf of the principal in all transactions; also known as general agent.

Unlimited liability

A type of investment wherein a partner has full responsibility for the general partnership’s obligations.

Unsecured

An obligation backed by the integrity of the borrower and not by any collateral.