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Mortgage Dictionary

"U"

Unconscionable Transactions


Similar to Undue Influence. This situation occurs when there is a disproportion of power between individuals, with the weaker individual in the control of the stronger individual, and acting under that person's direction in an unreasonable or unfair manner.

Underwriting


This is the process undertaken by lenders and insurers to verify the mortgage application information and supporting documentation submitted, make an assessment of risk on both the applicant(s) and the property, and approve or decline the mortgage loan.

Undue Influence


Unlike duress, undue influence has subjective boundaries; it occurs when one party suffers pressure (non- physical force such as manipulation or persuasion) to enter a contract against his or her wishes or interests. Evidence of such control may result in invalidation of the agreement by the courts.

Unenforceable Contract


Similar to void contracts, unenforceable contracts cannot be acted upon. Typically oral contracts are unenforceable.

Unilateral Mistake


One party is mistaken while the other party is aware of it and makes no attempt to rectify it.

Unities


In common law, unities are the four conditions required to create and maintain joint tenancy. They are time, title, interest and possession.
Title
All joint tenants must obtain their interest from the same document.
Time
All joint tenants must receive their interests at the same time.
Possession
Each interest is an undivided interest in the whole of the property.
Interest
All joint tenants must have the same interest (extent, nature, duration) in the land.

Usury Rate


The maximum legal rate for interest, discounts, or other fees that may be charged for the use of money.

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