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.
UNDEVELOPED LAND:
Real property that has not been subjected to man's labour to make it more valuable of profitable. Raw land.
UNENCUMBERED PROPERTY:
Land that has no claims, liens or mortgages registered against it.
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.
UNSECURED LOAN:
A loan in air, with no asset pledged as collateral or security for it.
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 utilities may form a lien on the property.
VACANCY RATE:
The calculation of the percentage of all available rental units in a particular area that are not occupied.
VACANT LAND:
Land that may be improved and developed but is not currently in use.
VALUATION:
The estimation of the worth or sale price of an asset.
VARIABLE INTEREST RATE:
An interest rate that may change according to change in the index rate. See "adjustable interest rate".
VARIABLE RATE MORTGAGE (VRM):
See "adjustable rate mortgage".
