Miami Office:
4000 Ponce de Leon Blvd
Suite 470
Coral Gables, Florida 33146

Phone: (305) 777-0482
Fax: (305) 675-3271

Boca Raton Office:
6111 Broken Sound Pkwy NW
Suite 330
Boca Raton, Florida 33487

Phone: (561) 443-7124
Fax: (561) 431-0419

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GLOSSARY-U

Ultra Vires
A Latin term meaning “beyond powers,” referring to actions taken by a corporation and/or officers of a corporation that exceed the legal boundaries and authority of the corporation.

Underwriting
In lending, the process of analyzing a loan application to determine the level of risk involved in making the loan, which includes a review of the potential borrower’s credit history and a judgment of the property value. Can also refer to the agreement entered into by an insurance agency to cover obligations arising from an issued insurance policy, the guaranteed purchase of shares being issued by a corporation, or a guarantee to invest in a business or other venture.

Unity of Interest
Occurs when all co-owners of a property have an identical percentage of interest in that property.

Unity of Possession
Occurs when all co-owners of a property have equal rights to ownership of all portions of the property, without physical division.

Unity of Time
Occurs when all co-owners of a property receive the title to the property at the same moment and in the same conveyance.

Unity of Title
Occurs when all co-owners of a property have the same type of ownership of that property.

Unlawful Detainer
Refers to the possession of real property without a legal right to the property, such as continuing to occupy a space after a lease has expired, after being served with a notice to quit, or vacate, the premises as a result of the failure of a tenant or tenants to pay rent or another breach of the lease, or “squatting” on the property where no lease or other agreement is in place.

Unrelated Business Taxable Income (UBTI)
A federal tax levied on investment income that has been generated from property held in a pension plan  containing a mortgage

Use Variance
Permission to use land for a purpose that is prohibited under current zoning restrictions.

Useful Life
In real estate, used to refer to the time period during which a particular property is anticipated to be economically viable.

Usury
Occurs when a lender charges a higher rate of interest to a borrower than is legally allowed.