Canadian Real Estate Glossary

Canadian Real Estate Glossary

U


Underwriting: The process of evaluating a borrower's financial information and determining the risk involved in providing a mortgage loan.

Undisclosed Heir: A term referring to a person who is entitled to inherit a property but was not previously revealed or known during the transaction.

Undivided Interest: Ownership in a property without a specific portion being individually owned. Often used in co-ownership arrangements such as condominiums.

Unencumbered Property: A property that is free from any liens, mortgages, or other financial obligations.

Uniform Commercial Code (UCC): A set of standardized laws governing commercial transactions, including security interests in real estate and personal property.

Uniform Residential Appraisal Report (URAR): A standard appraisal form used to report the findings of a residential property appraisal.

Uninsurable Property: A property that does not meet the criteria for obtaining insurance coverage, typically due to its high risk or poor condition.

Unit: A self-contained living space within a larger building or complex, such as an apartment unit or condominium unit.

Unrecorded Deed: A deed that has not been officially registered or filed with the appropriate government office, typically the county recorder's office, making it unacknowledged and lacking legal validity in the public record.

Unregistered Mortgage: A mortgage that is not formally recorded or registered with the appropriate land registry office. It may still be valid, but its priority may be affected.

Unsecured Loan: A type of loan that does not require collateral, such as a property or asset, as security for repayment. Instead, the lender evaluates the borrower's creditworthiness and relies on the borrower's promise to repay the loan based on their financial stability and credit history.

Upzoning: The process of changing the zoning regulations of a particular area to allow for higher-density or different types of development.

Urban Sprawl: The unplanned and uncontrolled expansion of urban areas into surrounding rural or undeveloped land.

Usable Square Footage: The area within a property that is suitable for occupancy or use, excluding common areas or spaces with limited functionality.

Use Variance: Permission granted by the municipality to use a property for a purpose that is not typically allowed under the current zoning regulations.

Usury: The practice of charging excessive or illegally high interest rates on loans, often exceeding the limits set by law.

Utilities: Services such as electricity, water, gas, and sewer that are necessary for the functioning of a property.


Return to the glossary index

We use cookies to enhance your browsing experience and deliver our services. By continuing to visit this site, you agree to our use of cookies. More info

Terms of Use

This website is operated by Vantage West Realty Inc./AJ Hazzi, REALTOR®, a Brokerage who is a member of The Canadian Real Estate Association (CREA). The content on this website is owned or controlled by CREA. By accessing this website, the user agrees to be bound by these terms of use as amended from time to time, and agrees that these terms of use constitute a binding contract between the user, Vantage West Realty Inc./AJ Hazzi, REALTOR®, and CREA.

Copyright

The content on this website is protected by copyright and other laws, and is intended solely for the private, non-commercial use by individuals. Any other reproduction, distribution or use of the content, in whole or in part, is specifically prohibited. Prohibited uses include commercial use, “screen scraping”, “database scraping”, and any other activity intended to collect, store, reorganize or manipulate the content of this website.

Trademarks

REALTOR®, REALTORS®, and the REALTOR® logo are certification marks that are owned by REALTOR® Canada Inc. and licensed exclusively to The Canadian Real Estate Association (CREA). These certification marks identify real estate professionals who are members of CREA and who must abide by CREA’s By-Laws, Rules, and the REALTOR® Code. The MLS® trademark and the MLS® logo are owned by CREA and identify the professional real estate services provided by members of CREA.

Liability and Warranty Disclaimer

The information contained on this website is based in whole or in part on information that is provided by members of CREA, who are responsible for its accuracy. CREA reproduces and distributes this information as a service for its members, and assumes no responsibility for its completeness or accuracy.

Amendments

Vantage West Realty Inc./AJ Hazzi, REALTOR® may at any time amend these Terms of Use by updating this posting. All users of this site are bound by these amendments should they wish to continue accessing the website, and should therefore periodically visit this page to review any and all such amendments.