REAL ESTATE 101

Underwriting
In mortgage lending, the process of determining the risks involved in a particular loan and establishing suitable terms and conditions for the loan.

Underwriting Fees
A sum of money collected by some lenders to offset expenses incurred in the lending transaction.

Unencumbered Property
Land that has no claims, liens or mortgages registered against it.

Uninsurable title
Ownership of land which is subject to flaws such that a title insurance company refuses insure it.

Urban renewal
The process of acquiring and redeveloping property for the purposes of increasing its profitability or utility. May be conducted by government, private interests or a combination of the two.

Urban Sprawl
Slang term for the growth of cities in an unplanned and often wasteful manner.

Utilities
Services, such as gas, electricity, water, sewers, which are required in any dwelling and for which the owner must pay separately. In some jurisdictions, arrears in payment of charges for utilities may form a lien on the property.