Underlayment A layer of wood between the subfloor and the floor.
Underwriting The process that lenders go through to evaluate the risks posed by a particular borrower and to set appropriate conditions for the loan.
Undisclosed heir A person who claims the right to a piece of property after the death of an owner without a will.
Undisclosed spouse An unidentified marital partner who can claim the right to a piece of property.
Unrecorded deed An unrecorded deed transfers ownership from one party to another without being officially recorded.
Unsecured loan Any loan that is not backed by collateral.
Upgrades Options than the standard carpeting, lighting, finish carpentry and other amenities offered to all buyers in a new-home project.
Upzoning The process in which a property is zoned from a lower to a higher use.
Urban sprawl The unplanned expansion of development over a large area.
Usury A reference to illegally excessive interest charged on any loan.
W - Real Estate and Mortgage Terms and Definitions
Wainscoting Wood paneling, tongue-and-groove boards or similar material installed between a baseboard and a chair rail.
Waiver A voluntary relinquishing of certain rights or claims.
Walk-out basement A feature that allows a door to open onto ground level.
Walk-through A buyer's final inspection of the home to determine if conditions in the purchase agreement have been satisfied.
Warranty A legally binding promise to do something in the future.
Wetlands Watery areas such as swamps, marshes and floodplains.
Wild deed An improperly recorded deed.
Will The most basic legal document outlining the disposition of a person's estate in the event of death.
Window light An individual pane of glass.
Window seat A bench built under an interior window.
Window well A curved, corrugated steel insert used to isolate basement windows from moisture if they're below the soil line.
Window well covers Curved plastic covers designed to be installed on top of a window well to cover the opening.
Wraparound mortgage A loan to a buyer for the remaining balance on a seller's first mortgage and an additional amount requested by the seller. Payments on both loans are made to the lender who holds the wraparound loan.
Z - Real Estate and Mortgage Terms and Definitions
Zero-lot lines Houses built without space between them and with little or no yard.
Zoning Regulations that control the use of land within a jurisdiction..
Zoning variance A one-time modification of existing zoning law.
