A unilateral contract involves a promise made by one party that is contingent upon the performance of a specific act by another party, without obligating the second party to perform the act.
An unincorporated association is a type of organization formed by a group of individuals who come together for a common purpose but have not gone through the legal process of incorporating. This means the association does not have a separate legal identity from its members.
An unrecorded deed is an instrument that transfers title from one party (grantor) to another party (grantee) without providing public notice of the change in ownership. Recording is essential to protect one’s interest in real estate.
Upgraders are homeowners who seek to purchase what they believe is a better home, often referred to as 'move-up' buyers. This usually involves acquiring a larger, more conveniently located home, or one with additional amenities. Typically, the new home costs more than the proceeds from the sale of the old home.
Urban property real estate involves properties situated in urban regions known for high-density development and easy access to city amenities and services.
Urea Formaldehyde Foam Insulation is an insulating material that can be injected into a wall through a small opening, expanding within the cavity to fill it. However, it may release formaldehyde gas, which might be hazardous.
The stated application intended for the information included in the appraisal. Appraisals can serve various purposes such as condemnation, liquidation, or mortgage collateral.
A utility easement is a legal right granted to a utility company or public service entity to use or access specific portions of a property for the purpose of laying and maintaining infrastructure such as electric, gas, water, and sewer lines.
A Utility Stop is a clause in a lease agreement that limits the landlord’s liability for the costs of utilities, such as electricity, water, and gas, by specifying a maximum amount that the landlord will cover. Any utility expenses exceeding this amount are passed on to the tenants.
Vacant land refers to parcels of land that are not currently being used for any purpose. While it may contain basic utilities and some off-site improvements, it remains unutilized as opposed to developed land.
A vacation home is a dwelling that the owner occasionally uses for recreational or resort purposes. The home may be rented out to others for a portion of the year. Income tax deductions related to vacation homes depend on the owner’s frequency of use.
Valuation in real estate refers to the process and outcome of estimating the market worth or price of a property. Accurate valuation is crucial for various purposes including sales, taxation, loan collateral, and investment analysis.
The valuation process is a systematic method used by appraisers to derive an estimate of the value of a property, essential for making informed real estate transactions.
Value in real estate represents the worth of all the rights arising from ownership. It quantifies the amount of one commodity that will be exchanged for another under specific conditions.
A vendee's lien is a legal claim against a property that is given as security for a deposit paid by a purchaser under a contract of sale. This lien protects the buyer's interests should the seller attempt to breach the agreement.
A Vendor’s Lien, also known as a Purchase Money Mortgage, gives the seller a security interest in the property sold until the buyer pays the full purchase price.
Veneer is a thin layer of material, typically wood or brick, applied over a less attractive or less expensive surface to enhance its appearance and provide a refined finish.
Verification involves sworn statements before a duly qualified officer confirming that the contents of an instrument are correct. This process ensures the integrity and factual accuracy of claims made in legal and official documents.
The Department of Veterans Affairs (VA) is a federal agency providing a wide range of services to eligible veterans, including home loans with no down payment for those meeting specific service criteria.
Vicarious liability refers to the legal responsibility imposed on one party for the actionable conduct of another party, based on the relationship between the two entities. It is often encountered in employer-employee scenarios, where employers may be held responsible for the actions of their employees.
Voidable refers to a legal agreement or contract that is valid and enforceable until one party who is entitled to void it exercises the right to do so. Unlike void contracts, voidable contracts require action to be considered invalid.
A voluntary lien is a claim on a property that the owner agrees to, commonly seen in the form of a mortgage. Unlike involuntary liens, which are imposed without the owner's consent, voluntary liens are willingly granted by property owners to secure debt.
A Waiver of Tax Lien is a document issued by a taxing jurisdiction confirming that it will not file a lien on a particular property, often used during the sale of real estate by an estate to assure a clear title for the buyer.
A Walk-Up (Apartment) Dwelling Unit is a type of apartment located in a multi-story building without an elevator. Often considered more affordable due to the lack of elevator amenities, these units are typically found in older buildings.
A warehouse is a large building or space used for the storage of goods, commodities, and merchandise. Warehouses are crucial for businesses to efficiently manage inventory and streamline distribution.
A Warranty Deed is a legal document that ensures that the seller (grantor) of a property has a clear and marketable title to transfer to the buyer (grantee) and guarantees to defend the buyer against any claims to the property.
A wasting asset is a property, resource, or investment that diminishes in value over time due to inherent factors like physical deterioration, depletion, or obsolescence.
Wear and tear refers to the gradual deterioration of property as a result of regular use, weathering, and age. This inevitable process affects the condition and value of various property assets over time.
A Western Row House or Western Town House is a nineteenth-century-style house usually built to span an entire street or block, featuring common side walls with adjacent houses.
An opening in the wall of a building, typically made of transparent material, designed to admit light and air into the interior spaces. Windows can often be opened and closed to control ventilation.
A term used in certain home inspection forms, indicating that as a condition for purchase, the property must be free of these insects.
The Work Triangle is a concept determining the efficiency of a kitchen layout by measuring the total distance of the sides of the 'triangle' connecting the refrigerator, range, and sink. Optimal distances range between 15 and 21 feet to allow for smooth workflow and movement.
A write-down is an accounting term that describes the reduction in the book value of an asset when its fair market value falls below its carrying value on the balance sheet. This is often recorded to reflect a decrease in the asset's value due to obsolescence, damage, or market conditions.
A write-off is an accounting action where an asset's diminished value is removed from the financial books, reflecting that it is no longer expected to generate economic benefit.
Zero lot line development refers to houses built directly on the boundary of the lot, leaving little to no yard space. This construction style maximizes land use and is often seen in densely populated urban areas.
