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Uniform settlement statement
Uniform settlement statement The standard HUD Form 1 required to be given to the borrower, lender and seller at the time or before settlement by the settlement agent in a transaction covered under the Real Estate Settlement Procedures Act.
RELATED TERMS--------------------------------------
Borrower
A person who has been approved to receive a loan and is then obligated to repay it and any additional fees according to the loan terms.
Lender
A term which can refer to the institution making the loan or to the individual representing the firm.
Settlement
Another name for closing.
Agent
Person authorized to act on behalf of another in dealings with third parties.
Estate
The ownership interest of a person in real property, also used to refer to a deceased person's property.
SIMILAR TERMS--------------------------------------
Uniform Building Code
A national building code published by the International Conference of Building Officials.
Uniform Commercial Code
A codification of commercial law, adopted in most states, that attempts to make uniform all laws relating to commercial transactions, including chattel mortgages and bulk transfers.
Uniform Condominium Act (UCA)
Under its provisions, a condominium is created and established when the owner of an existing building (or developer of unimproved property) executes and records a declaration of condominium.
Uniform Partnership Act (UPA)
Permits real estate to be held in the partnership name. The "Uniform Limited Partnership Act" (ULPA) establishes the legality of the limited partnership entity and provides that realty may be held in the limited partnership's name.
Uniform Residential Landlord and Tenant Act (URLTA)
A uniform act intended to provide some consistency in regulating the relationship of landlord and tenant in residential leases.
Uniform residential loan application
A loan application form required by Freddie Mac and Fannie Mae.
PREVIOUS AND NEXT TERMS--------------------------------------
Uniform Commercial Code
A codification of commercial law, adopted in most states, that attempts to make uniform all laws relating to commercial transactions, including chattel mortgages and bulk transfers.
Uniform Condominium Act (UCA)
Under its provisions, a condominium is created and established when the owner of an existing building (or developer of unimproved property) executes and records a declaration of condominium.
Uniform Partnership Act (UPA)
Permits real estate to be held in the partnership name. The "Uniform Limited Partnership Act" (ULPA) establishes the legality of the limited partnership entity and provides that realty may be held in the limited partnership's name.
Uniform Residential Landlord and Tenant Act (URLTA)
A uniform act intended to provide some consistency in regulating the relationship of landlord and tenant in residential leases.
Uniform residential loan application
A loan application form required by Freddie Mac and Fannie Mae.
Uniform settlement statement
Unilateral contract
A one-sided contract wherein one party makes a promise so as to induce a second party to do something. The second party is not legally bound to perform.
Unimproved land
Most commonly refers to land without improvements or buildings but also can mean land in its natural state.
Unit-in-place method
The appraisal method of estimating building costs by calculating the costs of all of the physical components in the structure with the cost of each item including its proper installation, connection, etc.
Unity of interest
All joint tenants holding equal ownership interests.
Unity of ownership
The four unities that are traditionally needed to create a joint tenancy-unity of title, time, interest and possession.
This dictionary contains 6433 terms. |
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