UNDERLYING
FEE:
A title concept in which ownership of all interests
or estates in real property are less than or inferior
to the most absolute interest one can have - that
of fee ownership. It lies beneath all the other
interests; it is basic, fundamental and implicit.
UNDERWRITER:
An insurance company which issues insurance policies
either to the public or to or through another
insurer.
UNDERWRITTEN
COMPANY:
A title firm which conducts title searches but
is not qualified to insure, and therefore issues
policies of a qualified title insurer (underwriter)
in return for a portion of the premium.
UNDIVIDED
INTERESTS:
Unsegregated interest of co-owners in the entire
property owned in common.
UNIT:
When used with reference to a condominium, a unit
is that part of a condominium which is not part
of the common area and is owned separately and
not in common with the owners of other units in
the project. When used in reference to a planned
unit development the unit is the separate lot
or parcel containing a house or other building.
UNJUST
ENRICHMENT:
Legal doctrine referring to the unjust enrichment
of a person by way of taking advantage of another
person's mistake, such as overpayment of an amount
due. The doctrine prevents unjust enrichment and
is based on a rule of fairness.
USURY:
Any premium, profit, bonus, fee, or charge which
is demanded, required, or exacted by a lender
in excess of legal interest on money loaned.
