REAL ESTATE TERMS

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There are currently 4 names in this directory beginning with the letter U.
UNDER CONTRACT
A home is under contract when a seller has accepted an offer from a buyer but the transaction has not yet closed.

UNILATERAL CONTRACT
A contract in which one party makes an obligation to perform without receiving in return any express promise of performance from the other party, such as an open listing contract, where the seller agrees to pay a commission to the first broker who brings in a ready, willing and able buyer.

USEFUL LIFE
In real estate investment, the number of years a property will be useful to the investors.

USERY
The practice of charging more than the rate of interest allowed by law.