Toronto Real Estate Glossary U
(Undercoat - Unsecured Loan)

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Undercoat
A priming coat of paint.

Underlying Mortgage
The first mortgage on a property when other mortgages exist on the same property.

Underwriting
The process of evaluating a loan application to determine the risk involved for the lender. Underwriting involves an analysis of the borrower's creditworthiness and the quality of the property itself.

Underwriting Fee
Fee charged by the lender to do the work to verify information, necessary to make a decision as to whether or not to approve a loan.

Unearned Income
Income received for work not yet finished, such as payment in advance for contracting work.

Unilateral Contract
One-sided contract where, even if one party makes a promise, the second party is not legally required to perform, but may do so, thus obligating the first party.

Unrealized Gain
Increase in the value of property while it is being held. Gain is only realized upon sale.

Unrecorded Deed
Deed transferring ownership from one person to another but that is not officially recorded.

Unsecured Loan
A loan that is not backed by collateral.

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