Glossary

A B C D E F G H I J K L M N O P Q R S T U V W XYZ

U

UNDERLYING FEE: A title concept in which ownership of all interests or estates in real property are less than or inferior to the most absolute interest one can have - that of fee ownership. It lies beneath all the other interests; it is basic, fundamental and implicit.

UNDERWRITER: An insurance company which issues insurance policies either to the public or to or through another insurer.

UNDERWRITTEN COMPANY: A title firm which conducts title searches but is not qualified to insure, and therefore issues policies of a qualified title insurer (underwriter) in return for a portion of the premium.

UNDIVIDED INTERESTS: Unsegregated interest of co-owners in the entire property owned in common.

UNIT: When used with reference to a condominium, a unit is that part of a condominium which is not part of the common area and is owned separately and not in common with the owners of other units in the project. When used in reference to a planned unit development the unit is the separate lot or parcel containing a house or other building.

UNJUST ENRICHMENT: Legal doctrine referring to the unjust enrichment of a person by way of taking advantage of another person's mistake, such as overpayment of an amount due. The doctrine prevents unjust enrichment and is based on a rule of fairness.

USURY: Any premium, profit, bonus, fee, or charge which is demanded, required, or exacted by a lender in excess of legal interest on money loaned.