Real Estate Dictionary

U

unenforceable contract: a contract that has all the elements of a valid contract, yet neither party cans sue the other to force performance of it.

Uniform Commercial Code: a codification of commercial law, adopted in mist states, that attempts to make uniform all laws relating to commercial transactions, including chattel mortgages and bulk transfers.

Uniform Settlement Statement: a closing cost statement required by RESPA for the closing of certain real estate transactions.

unilateral contract: a one-sided contract wherein one party makes a promise in order to induce a second party to do something.

unity of ownership: the four unities that traditionally are needed to create a joint tenancy-unity of title, time, interest, and possession.

useful life: a period of time over which an asset, such as a building is expected to remain economically feasible to the owner.

usury: charging interest at a rate higher than the maximum rate by state law.