A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

U

Underwriting	The process of analyzing a borrower's capability to honor repayment of a loan (evaluating his or her credit, assets, employment) along with the value of the property being purchased, to help minimize the risk involved for the party lending the purchase money
Unilateral contract	A one-sided contract in which only one party is legally under obligation by the terms of the contract; one party promises an action to the second party, who is not legally required to respond, but if the second part does comply, then the first party is obligated to honor the promise made
Unsecured loan	A loan that is not guaranteed by collateral
Usury	The act of charging more than the maximum rate of interest permitted by law

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

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Real Estate Tips

Insurance >Hazard Insurance

Are you considering taking out hazard insurance on a property before you actually take title? It may be a good idea!

Even though you are not yet the owner of record, as the buyer, you have an insurable interest in a property the moment that you and the seller execute the sales agreement. As a matter of practice, however, buyers do not usually take out insurance until the papers change hands, and it should not be necessary if the agreement of sale is properly executed.

It is very important to both parties that the agreement states that the property will be insured for a specific amount. From the buyer's point of view, an adequate sum must be stipulated, and the agreement should not read "as now insured", which can indicate that the seller may not want to increase the insurance.

As a general rule, the amount of insurance on the buildings on a property should equal the sales price, less the value of the lot.

	See All Tips In The "Insurance" Category >
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Real Estate Trivia

Q	What famous Art Deco skyscraper is decorated with eagle hood ornaments, hubcaps and abstract images of cars?
A	New York's Chrysler Building, designed by architect William Van Alen in 1930, was one of the first buildings composed of stainless steel over a large surface area.
See More Real Estate Trivia >

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Jeff Finke Jeff Finke Realty Team 2405 Cottage Avenue Columbus, IN 47201 812-373-7653 Fax: 812-373-0477 jefffinke@NUMBER1EXPERT.com

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