Real Estate Terms Glossary: U-Z

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Undue Influence
Any improper or wrongful influence by one party over another whereby the will of a person is overpowered so that he or she is induced to act or prevented from acting according to free will.

Uniform Vendor And Purchasers Risk Act
Michigan law stating that if the property is being destroyed, is partially destroyed, or is being taken by eminent domain, the buyer may, at the buyer's option, declare the transaction null and void.

Universal Agent
An agent who is empowered to conduct every lawful transaction that a principal can delegate including the right to represent, negotiate, and sign contracts on behalf of his employer; e.g., an attorney-in-fact.

V

VA
Department of Veterans Affairs (formerly Veterans Administration), which guarantees a veteran's mortgage so that a lender is willing to make the loan with little or no down payment.

Valid Contract
An agreement that is legally binding and enforceable.

Variance
Permission obtained from governmental zoning authorities to build a structure or conduct a use which is expressly prohibited by the current zoning laws; an exception from the zoning laws.

Void
Having no legal force or binding effect; a nullity; not enforceable. A contract for an illegal purpose (i.e. gambling) is void.

W

Walk-Through Inspection
Final inspection of a property's condition by the buyer, usually to ensure that all conditions noted in the offer-to-purchase have been met.

Wear And Tear
The gradual physical deterioration of real estate property, resulting from use, passage of time and weather. Only property subject to wear and tear is depreciable.

Well And Septic Report
A report usually provided by a local municipality health department to determine the portability of water and to ascertain that the septic system is running free.

Y

Yield
The return on an investment or the amount of profit, stated as a percentage of the amount invested.

Z

Zoning
The division of a local municipality into districts of prescribed use. Zoning is mandated by state law and is generally exercised on the local government level through the state’s delegation of police power.

Zoning Ordinance
Laws or policies of city or county authorities specifying how property may be used in specific area.

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