The Real Estate Terms & Real Estate Definitions
Real Estate Glossary

This list of Real Estate Terms was compiled into a Real Estate Glossary for informational purposes only to assist our Buyers and Sellers. The Real Estate Terms and Real Estate Definitions are not an exhaustive Real Estate Glossary. Please consult your Home Marketsite Pennsylvania REALTOR or attorney for further advice.

 The Real Estate Terms & Real Estate Definitions
Real Estate Glossary

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Underwriting
The process of evaluating a loan application and its supporting documentation to determine the risk involved to the lender making the loan.

Underwriting Fee
A fee charged by the lender to verify information on the loan application, authenticate the property's worth as collateral, and make a final determination about whether to grant a loan to the applicant.

Undisclosed Heir
A person who claims the right to a piece of property after the death of an owner without a will.

Undisclosed spouse
A marital partner who can claim the right to a piece of property but is not identified in the owner's will.

Unilateral Contract
A one-sided contract. If one party makes a promise to do something, the second party is not legally required to perform. If the second party does comply, however, the first party is obligated to keep its promise.

Unrecorded Deed
A deed that transfers ownership from one party to another without being officially recorded.

U.S. Department of Housing and Urban Development
Also known as HUD. A federal agency that oversees the Federal Housing Administration and a variety of housing and community development programs.

The Real Estate Terms & Real Estate Definitions
Real Estate Glossary by:

Home Marketsite - Pennsylvania Real Estate