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GLOSSARY of American & Mexican Real Estate Terms

U

Undivided Interest

The interest of co-owners in which individual interest is indistinguishable (Everyone owns part of the whole property).

Undue Influence

Occurs when a person in a fiduciary capacity or in a position of authority misuses the trust or power in order to unfairly induce a party to enter into a contract.

Unencumbered Property

Property that is free and clear of any liens.

Unities

Joined in one; for example, in order for a joint tenancy to exist four unities are necessary (1) time, (2) title, (3) interest and (4) possession (TTIP).

Unity of Possession

The right of each tenant to the possession and use of the whole property (Joint tenants and tenants in common).

Unity of Time

States that the joint tenancy interests of the joint tenants must have been acquired at the same moment.

Unity of Title

States that the joint tenancy interests were created in a single conveying instrument.

Universal Agent

Has the authority to do all acts that can be lawfully delegated to a representative (Power of attorney-attorney in fact).

Unsecured Loan

A loan made on the signature and credit of the borrower, not secured by collateral. Credit card (Debenture).

Urban Renewal

The acquisition of certain areas by government action for the purpose of redevelopment.

Usury

Charging more than the legal rate of interest for the use of money.