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U.S. Department of Housing and Urban Development
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Also known as HUD. This federal agency oversees the Federal Housing Administration and a variety of housing and community development programs.
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Under construction
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The period of time after construction has started but before the certificate of occupancy has been issued
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Under contract
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The period of time after a seller has accepted a buyer's offer to purchase a property and during which the buyer is able to perform its due diligence and finalize financing arrangements. During this time, the seller is precluded from entertaining offers from other buyers.
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Underwriter
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A company, usually an investment banking firm, that guarantees or participates in a guarantee that an entire issue of stocks or bonds will be purchased
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Underwriters' knot
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A code-approved knot tied at the end of an electrical cord to prevent the wires from being pulled away from their connection to electrical terminals.
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Underwriting
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The process of analyzing a loan application to determine the amount of risk involved in making the loan; it includes a review of the potential borrower's credit history and a judgment of the property value.
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Underwriting
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The process in which lenders evaluate the risks posed by a particular borrower and set appropriate conditions for the loan.
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Underwriting fee
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A fee charged by mortgage lenders to verify information on the loan application and make a final decision about whether or not to approve the loan.
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Unencumbered
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Property that is free of liens and other encumbrances
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Unimproved land
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Most commonly refers to land without improvements or buildings but also can mean land in its natural state
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Unrated classes
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Typically the most subordinated classes of CMBS
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Unrecorded deed
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A deed that transfers ownership from one party to another without being officially recorded.
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Unsold Shares
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This term pertains to shares in a co-operative apartment building that have not been sold to shareholders (owners of individual apartments). These shares (apartments) remain as assets of the co-operative sponsor. When a building is converted from a rental property to a co-operative apartment building, there are almost always rental tenants who do not wish to purchase their apartments, but would rather remain in the apartments and continue to pay the sponsor rent (as opposed to the maintenance charges on the apartment). These shares remain 'unsold' until the tenant either changes his/her mind on purchasing the apartment, the tenant moves out of the building, the sponsor offers the tenant a monetary sum or incentive so that he/she moves. Another scenario facing a sponsor is one in which market conditions prohibit the sponsor from selling the unsold shares at a profit margin that he deems financially acceptable. In such a case, the sponsor may rent out these apartments for a period of time until the market shifts in favor of selling the units at a profitable margin.
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UPREIT (Umbrella partnership real estate investment trust)
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Organizational structure where a REIT's assets are owned by a holding company for tax purposes
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Usable square footage
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The area contained within the demising walls of the tenant space that equals the net square footage multiplied by the circulation factor
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Use
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The specific purpose for which a parcel or a building is intended to be used or for which it has been designed or arranged
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Utilities Included
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In some buildings you will find that Electric and Gas (sometimes Cable TV) is included in the monthly maintenance charges.
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