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| Under Construction | When construction has started but the Certificate of Occupancy has not yet been issued. |
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| Under Contract | A property for which the seller has accepted the buyer’s offer to purchase is referred to as being “under contract”. Generally, the prospective buyer is given a certain period of time in which to perform its due diligence and finalize financing arrangements. During the period of time the property is under contract, the seller is precluded from entertaining offers from other buyers. |
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| Unencumbered | Describes title to property that is free of liens and any other encumbrances. Free and clear. See also "Encumbrances. |
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| 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. |
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| Unimproved Land | Most commonly refers to land without improvements or buildings but can also mean land in its natural state. See also, “Raw Land”. |
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| Upset Price | A minimum price set by a court in a judicial foreclosure, below which the property may not be sold by a court appointed commissioner at public auction; the minimum price which can be accepted for the property after the court has had the property appraised. |
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| Urban Property | Property in a city or a high-density area. |
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| Usable Square Feet | The square footage that the individual tenant can actually use to sit or work in. (see rentable square footage and load factor). Most leases use the phrase...Rentable Square Footage, as it may cover up variations in individual suites and makes the rent seem cheaper per foot. |
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| Usable Square Footage | Usable Square Footage is the area contained within the demising walls of the tenant space. Total Usable Square Footage equals the Net Square Footage x the Circulation Factor. Also see: Circulation Factor and Net Square Footage. |
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| Use | The specific purpose for which a parcel of land or a building is intended to be used or for which it has been designed or arranged. |
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| Useful Life | That period of time over which an asset, such as a building, is expected to remain economically feasible to the owner. |
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| Usury | Charging a rate of interest in excess of that permitted by law. |
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