U.S. Department. of Housing and Urban Development (HUD)

The United States Department of Housing and Urban Development, commonly referred to as HUD, is a federal agency that oversees the Federal Housing Administration and a variety of other housing and community development programs.  HUD´s aim is to increase homeownership opportunities, increase access to affordable housing, eliminate discriminatory housing practices, and encourage and support community development by imposing high ethical standards and accountability on all persons dealing within the real estate market.  HUD offers grants and funding to individuals and to entities to facilitate the purchase of homes and businesses, and to help create environments where business can thrive.  The agency also offers advice, guidance, and legal assistance to homeowners, home buyers, and business owners and buyers.

Underlayment

An underlayment is a layer of wood that is located between the subfloor and the floor.  The underlayment of a floor should be clean, smooth, and flat.  Plywood is commonly used for underlayment; in some homes, the underlayment is made of particleboard, but particleboard is considerably less durable and resistant than plywood.  Underlayment is laid so that the seams are staggered and do not overlap directly with the seams of the sub-floor beneath.  To anchor underlayment, screws or nails are driven directly into floor joists, to ensure maximum stability; for added stability, a construction adhesive may also be used.

Underwriting

Underwriting is the process that a lending institution goes through in order to evaluate any risks that are posed by a particular potential borrower of a loan from the lender.  Underwriting allows the lender to set appropriate conditions for the loan that are based on the level of risk presented by the borrower.  During underwriting, the risks are evaluated, and conditions on the loan determined, by examination of the loan applicant´s credit history and other financial information to decide his or her level of financial security and likelihood of default on the loan if it is issued.

Undisclosed heir

An undisclosed heir is a person who claims the right to a piece of property after the death of an owner of the property, where the property owner has died without a will.  When a decedent does not leave a will, at his or her death the estate is distributed according to the laws of intestate succession that apply in the particular jurisdiction.  An undisclosed heir is an heir to the decedent´s estate and all assets therein, but will not be identifiable until after death has occurred and the estate is probated.

Undisclosed spouse

An undisclosed spouse is an unidentified marital partner who can claim some right to a parcel of real property.  An undisclosed spouse may pose a problem to full ownership of title to a property since he or she may have an interest in the property even after the transfer of the property from a seller-spouse to the buyer.  This is particularly an issue in cases where the spouses are divorced.  An undisclosed spouse my be undiscoverable if the title to the property is not properly recorded, or if there is a break in the chain of title.

Unrecorded deed

An unrecorded deed is a deed that transfers ownership from one party, the buyer of a parcel of real property, to another, the property seller, without being officially recorded.  This may be done in an effort to save time or money, but is unadvisable, as lack of recording of a deed means that the buyer, the new property owner, will have no evidence of his or her ownership of the property in question on the public record in the event of a dispute.  An unrecorded deed also breaks the chain of title to a property-the historical record of who owned the property and when.

Unsecured loan

An unsecured loan is any loan that is not backed by collateral; in other words, an unsecured loan has no property to which the lender has a claim that can act as a security for the lender that he or she will be paid back the balance of the loan by the borrower.  An unsecured loan is also of lower priority in the hierarchy of loan repayment than is a secured loan; if a borrower files for bankruptcy, any available funds will be directed first to the payment of all or part of outstanding secured loans, with unsecured loans being offset by the remaining balance only, if any.

Upgrades

Upgrades are options offered in a home that are of higher quality, more unique, and of a greater cost to the buyer than the standard offerings in a home.  Upgrades may be with respect to aspects of a home such as carpeting, lighting, finish carpentry, paint color or finish, and cabinetry, among other amenities.  Upgrades increase the resale value of a home.  Some builders will periodically offer "free upgrade" promotions, in which amenities in a home are upgraded while retaining the same cost for the property as if only standard features are included, in an effort to attract potential buyers.

Upzoning

Upzoning is a process in which a property is zoned from a lower use to a higher use.  The purpose of upzoning of an area is usually to allow greater density or commercial use, and the process is thus often controversial as residents may not desire to be in close proximity to industrial or business uses of land.  Zoning authorities may institute upzoning when an area is in need of an economic boost, in order to attract more business and attendant profit and employment.  In some rare instances, upzoning is also a term used to describe the opposite process-rezoning that is intended to limit the commercial development of an area. 

Urban sprawl

Urban sprawl refers to the unplanned expansion of development over a large area.  Usually, urban sprawl is used to describe the expansion of a large metropolitan area, although it may be applied to the expansion of smaller municipalities as well.  The term often is considered to have negative connotations, focusing on the problems associated with wide, rapid, and unplanned expansion, such as inadequate facilities to provide all necessary amenities, and increased pollution and crime rates.  One way municipalities commonly deal with the problems of urban sprawl are through zoning ordinances, which impose a variety of restrictions, and which regulate how much development is permissible over a given time.

Usury

A usury is a reference to any illegally excessive interest rate charged on any loan.  Every state in the nation has certain usury laws, which specify what the maximum legal interest rate is that can be applied to a loan.  The federal document has imposed a federal criminal limit on unlawful debt; it is a federal felony to lend money at an interest rate that is any more than two times the applicable state usury rate and then to try to collect the unlawful debt.  Creditors who act illegally in this manner are also no longer entitled to recover their original debt principal.  In addition, federal law prohibits loan sharking, or the use of violence or threats to collect interest.