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Home » Real Estate Terms  
Real Estate Terms
 
A B C D E F G H I J K L M

N O P Q R S T U V W X Y Z

Underwater Mortgage
A home purchase loan with a higher balance than the free-market value of the home. This situation prevents the homeowner from selling the home unless s/he has cash to pay the loss out of pocket. It also prevents the homeowner from refinancing in most cases. Thus, if the homeowner wants to sell the home because s/he ca' t afford the mortgage payments anymore, perhaps because of a job loss, the home will fall into foreclosure unless the borrower is able to renegotiate the loan.

Undivided share of common area

Unrecorded Deed
A deed for a tangible piece of property that is not filed with the appropriate governing body. The deed will transfer ownership of the property from one party to another. The seller of the deed is known as the grantor, and the recipient of the deed is known as the grantee.

Up-Front Mortgage Insurance - UFMI
An insurance premium that is collected at the time the loan is initially made.

Usufruct
A legal term describing a situation wherein a person or company has a temporary right to use and derive income from someone else's property (provided that it isn't damaged).

 

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