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Underwriting |
The process of analyzing a borrower's capability
to honor repayment of a loan (evaluating his or her credit, assets, employment)
along with the value of the property being purchased, to help minimize the risk
involved for the party lending the purchase money |
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Unilateral contract |
A one-sided contract in which only one party is
legally under obligation by the terms of the contract; one party promises an
action to the second party, who is not legally required to respond, but if the
second part does comply, then the first party is obligated to honor the promise
made |
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Unsecured loan |
A loan that is not guaranteed by
collateral |
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Usury |
The act of charging more than the maximum rate
of interest permitted by law |
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Did We Miss the Word YOU Are Looking For? Is there a real estate word that we failed to explain here in our dictionary for homebuyers and sellers? Let us be your personal real estate dictionary! We'll send a brief explanation of any word or term that you encounter when buying and selling property. Do you have a suggestion of a real estate word that should be included? Let us know! We always appreciate feedback. Do any of these definitions raise questions for you? Didn't find the word you're looking for? Let us know! We're happy to answer ANY questions. It's our job! There's no obligation, and we promise to get back to you quickly... 
Closing or Settlement >Closing Tips
The conclusion of a real estate transaction is an exciting time for everyone involved. The closing table is the ideal place to sign papers, trade keys, and drink a toast to the new homeowners. Sometimes that setting is filled with tension and pressure as each side tries to work out important details of the transaction at the last minute.
How can you help make your closing a relaxed and happy one? First, try to get the details worked out ahead of time. There may be a few unresolved issues, such as repairs that were not completed, a disappearing dining room chandelier or a pre- or post-closing occupancy agreement. The atmosphere should remain positive in order that minor upsets will not threaten the entire transaction. If you anticipate a problem, no matter how minor it may seem, be sure to communicate the situation to your real estate agent in advance, so that it can be addressed before it has a chance to escalate.
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| Q |
In what area of the United States did the price of existing homes increase most dramatically in 2005?
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| A |
Phoenix, Arizona real estate recorded a 55.2 percent increase in home prices during 2005. |
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