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March 30, 2007

 
1575 Sarno Rd., Melbourne, FL 32935 Phone: (321) 254-1943

 Glossary of Terms

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  • 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.

  • 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.

  • 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.