|
Click
on a Letter to lookup a Real Estate
Legal Term |
|
|
-U-
Unbalanced
Improvement
An improvement which does not serve the highest
or best use for the site on which it is placed.
Underimprovement
A
building which suffers from a deficiency of
size or cost which makes it not the highest
and best use of the site.
Undisclosed
Principal
A party in a transaction who is unidentified.
In some states there are very strict regulations
concerning this practice. For example, a broker
may ask to keep the identify of his client
secret.
Undue
Influence
Any improper or wrongful constraint, manipulation
or persuasion whereby the will of a person
is overpowered and he is inticed to do or
refrain from doing something which he would
not do if left to act freely.
Unenforceable
Contract
A good contract but for some reason one that
cannot be enforced under the law. For example,
an unwritten real estate sales contract which
cannot be enforceable due to the Statute of
Frauds.
Unlimited
Liability
The obligation of an owner to pay his creditors
from his personal assets if his company cannot
pay its debts. This term is in contrast to
Limited Liability.
Usury
In accordance to law, this refers to regulating
the charging of interest rates. Historically,
charging interest on money lent or the taking
of any compensation whatever for the use of
money offended the usury laws which disallowed
this practice.
The
definitions of Real Estate Definitions found
on 10Realty.com are for general information
only. All information is subject to change
and should be independently verified. 10Realty.com
makes no representations or warranties of
any nature with regard to the information
found on the pages therein. 10Realty.com assumes
no responsibility for any liabilities or losses
claimed or incurred as a result of using this
information. (Real Estate Terms, Investment
Terms, Banking Terms explained, definitions,
legal definitions, legal terms and definitions)
