Southwest Florida Real Estate
Real Estate and Mortgage Terms Glossary
Real Estate and Mortgage transactions have languages all their own. Since most people don't use these terms on any type of a regular basis, we are providing this real estate and mortgage term glossary as a quick and easy reference for you to use. Rather than being unsure about a terms meaning, you can check here first. Of course, if you need a more in-depth understanding, please contact us directly and we'll be happy to assist you.
Terms - Letters U to Z
UNDER IMPROVED LAND
A piece of land which has been improved, but not to the full extent of its potential.
The process of evaluating borrower credit, collateral value and the risks involved in making a loan.
Any property which has no outstanding claims or liens filed against it.
UNIFORM RESIDENTIAL LOAN APPLICATION
A standard mortgage application your lender will ask you to complete. The form requests your income, assets, liabilities, and a description of the property you plan to buy, among other things.
UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE (USPAP)
Developed in 1986 by the Ad Hoc Committee on Uniform Standards and copyrighted in 1987 by The Appraisal Foundation, USPAP forms the guidelines followed by every licensed and certified real estate appraiser in the United States. The purpose of these Standards is to establish requirements for professional appraisal practice, which includes appraisal, appraisal review, and appraisal consulting. The intent of these Standards is to promote and maintain a high level of public trust in professional appraisal practice.
A loan that is not backed by collateral.
The span of time over which a property can be used or can provide benefits to its owner.
The current percentage of vacant properties in a given area, regardless of why they are vacant.
A mortgage that is guaranteed by the Department of Veterans Affairs.
An exception to municipal zoning regulations granted for a specific time period to allow for non-conforming use of the land.
A pipe allowing gas to escape.
Having the right to use a portion of a fund such as an IRA. Typically vesting occurs over time. If you are 100% vested, you have a right to 100% of the fund.
VETERANS AFFAIRS DEPARTMENT (VA)
The successor to the Veteran's Administration, this government agency is responsible for ensuring the rights and welfare of our nation's veterans and their dependents. Among other duties, the VA insures home loans made to veterans. Visit www.va.gov
An expression of electric force, or pressure. One volt being the force needed to move one amp against one ohm resistance.
A process whereby an appraiser examines a property in preparation for estimating its value. Also, the process of inspecting a property for any damage prior to that property being bought or sold. See Home Inspections.
An affidavit given to stipulate the condition of a property. The person giving the warranty assumes liability if the condition turns out to be untrue.
A type of deed containing the strongest and most comprehensive promises of further assurance possible for a grantor (seller) to convey to a grantee (buyer). See Title Insurance.
An expression of amount of electrical power. Volt times amps equals watts.
WEAR AND TEAR
A term used to indicate the normal damage inflicted on a property through every-day use. See Staging to Sell.
Material used around windows and doors to prevent drafts.
Drainage hole that allows water to escape.
ZERO LOT LINE
A municipal zoning category wherein a building or other fixture may abut the property line.
A specific area within a municipality or other jurisdiction which conforms to certain guidelines regarding the use of property in the zone. Typical zones include single-family, multi-family, industrial, commercial and mixed-use. See Florida State Information.