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
Underground storage tanks (USTs) – Commonly found on sites where petroleum products are used or where gas stations and auto repair shops are located. Neglected tanks may leak hazardous substances into the environment.
Undivided interest – See tenancy in common.
Unenforceable contract – A contract that has all the elements of a valid contract, yet neither party can sue the other to force performance of it. For example, an unsigned contract is generally unenforceable.
Uniform Commercial Code (UCC) – A codification of commercial law, adopted in most states, that attempts to make uniform all laws relating to commercial transactions, including chattel mortgages and bulk transfers. Security interests in chattels are created by an instrument known as a security agreement. To give notice of the security interest, a financing statement must be recorded. Article 6 of the code regulates bulk transfers–the sale of a business as a whole, including all fixtures, chattels, and merchandise.
Uniform Settlement Statement – A special HUD form that itemizes all charges to be paid by a borrower and seller in connection with the settlement.
Unilateral contract – A one-sided contract wherein one party makes a promise so as to induce a second party to do something. The second party is not legally bound to perform; however, if the second party does comply, the first party is obligated to keep the promise.
Unit-in-place method – The appraisal method of estimating building costs by calculating the costs of all of the physical components in the structure, with the cost of each item including its proper installation, connection, etc.; also called the segregated cost method.
Unity of ownership – The four unities that are traditionally needed to create a joint tenancy–unity of title, time, interest, and possession.
Universal agent – A person empowered to do anything the principal could do personally.
Urea-formaldehyde foam insulation (UFFI) – Used in building materials, particularly insulation, in the 1970’s. Gases leak out of the UFFI as it hardens, and the gases become trapped in the interior of a building. Urea-formaldehyde is known to cause cancer in animals, though its effect on humans is inconclusive.
Usury – Charging interest at a higher rate than the maximum rate established by state law.
