Glossary "U

(U)

Underlayment A layer of wood between the subfloor and the floor.
Underwriting The process that lenders go through to evaluate the risks posed by a particular borrower and to set appropriate conditions for the loan.
Undisclosed heir A person who claims the right to a piece of property after the death of an owner without a will.
Undisclosed spouse An unidentified marital partner who can claim the right to a piece of property.
Unrecorded deed An unrecorded deed transfers ownership from one party to another without being officially recorded.
U.S. Department. of Housing and Urban Development (HUD) A federal agency that oversees the Federal Housing Administration and a variety of housing and community development programs.
Unsecured loan Any loan that is not backed by collateral.
Upgrades Options than the standard carpeting, lighting, finish carpentry and other amenities offered to all buyers in a new-home project.
Upzoning The process in which a property is zoned from a lower to a higher use.
Urban sprawl The unplanned expansion of development over a large area.
Usury A reference to illegally excessive interest charged on any loan.

(V)

Variable interest rate A loan rate that moves up and down based on factors including changes in the rate paid on bank certificates of deposit or Treasury bills.
Variable rate mortgage A loan with an interest rate that hinges on factors such as the rate paid on bank certificates and Treasury bills.
Variable rate An interest rate that changes with fluctuations in such indexes as the U.S. Treasury bill index.
Vaulted ceiling An elongated half-cylinder that arches above the floor.
Verification of deposit Part of the loan process, in which a lender will ask a borrower's bank to sign a statement verifying the borrower's account balances and history.
Verification of employment Part of the loan process, in which a lender asks the borrower's employer for confirmation of the borrower's position and salary.
Vestibule A small entrance hall or room.
Veterans Administration (VA) The U.S. Department of Veterans Affairs operates a variety of programs to help veterans. One of the key plans it oversees is the VA loan program, which allows most veterans to purchase a house without a down payment.
Victorian style An architectural style that dates from the mid-19th century.
Vinyl-clad windows Wood windows sheathed in vinyl on the outside.
Voluntary lien A lien that a homeowner willingly gives to a lender.
VA loans A program that allows most veterans to purchase a house without a down payment.

(W)

Wainscoting Wood paneling, tongue-and-groove boards or similar material installed between a baseboard and a chair rail.
Waiver A voluntary relinquishing of certain rights or claims.
Walk-out basement A feature that allows a door to open onto ground level.
Walk-through A buyer's final inspection of the home to determine if conditions in the purchase agreement have been satisfied.
Warranty A legally binding promise to do something in the future.
Wetlands Watery areas such as swamps, marshes and floodplains.
Wild deed An improperly recorded deed.
Will The most basic legal document outlining the disposition of a person's estate in the event of death.
Window light An individual pane of glass.
Window seat A bench built under an interior window.
Window well A curved, corrugated steel insert used to isolate basement windows from moisture if they're below the soil line.
Window well covers Curved plastic covers designed to be installed on top of a window well to cover the opening.
Wraparound mortgage A loan to a buyer for the remaining balance on a seller's first mortgage and an additional amount requested by the seller. Payments on both loans are made to the lender who holds the wraparound loan.

(Z)

Zero-lot lines Houses built without space between them and with little or no yard.
Zoning Regulations that control the use of land within a jurisdiction..
Zoning variance A one-time modification of existing zoning law.

Prepared by: Re/Max Home & Ranch - 303-646-9000