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GLOSSARY of American & Mexican Real Estate Terms
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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.
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