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The U’s Of Real Estate

REAL ESTATE TERMS YOU MAY WANT TO KNOW WHEN BUYING OR SELLING A HOME IN THE ORLANDO AREA

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(Click A Letter Or Scroll Down To Find A Term Starting With That Letter)


Get to know the language of real estate to get better results when buying or selling a home in the Orlando area
 

Get To Know The “U’s” Of Real Estate

+/- Click A Term To Read Its Definition – Expands Answer In This Same Window – Click Again To Collapse

+/- Underwriting

the process of analyzing a loan application to determine the amount of risk involved in making the loan; it includes a review of the potential borrower’s credit history and a judgment of the property value.

+/- Up Front Charges

the fees charged to homeowners by the lender at the time of closing a mortgage loan. This includes points, broker’s fees, insurance, and other charges.

+/- Unimproved Land

Land that is vacant or returned to nature or lacking in essential appurtenant improvements required to serve a useful purpose. Example: Any of the following activities on a piece of raw land will res.

+/- Undivided Interest

A fractional ownership without a physical division into shares.

+/- Unencumbered Property

Any property which has no outstanding claims or liens against it.

+/- Uniform Residential Appraisal Report

The most common appraisal form in use which is also know as a form appraisal and is used to document the methods used to determine the market value of single-family residences and planned unit develop.

+/- United States Government Survey System

A method adopted in 1785 also known as the Rectangular Survey System of describing or specifying the location of a parcel of land using prime meridians, guide meridians, base lines, standard parallels.

+/- USDARHS

United States Department of Agriculture / Rural Housing Services.

+/- Uniform Settlement Statement (HUD1)

The special form known as HUD-1 that itemizes all charges to he paid by a borrower and seller in connection with the settlement is required to be given to the borrower, lender and seller at or before.

+/- Utility Easement

A specific easement made for the durations for Utility Companies to perform their function of providing electric, water, etc..

Keep in mind that this is by no means a complete list of terms, but it does highlight most of the more common terms used in the industry and is a constant work in progress as time passes.

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Thank you for choosing MORE Realty Services LLC as an information source for your Central Florida real estate needs.

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