Terms For U

Under contract:

This is a certain period of time after a seller has accepted a buyer's offer to buy a property and during which the purchaser is able to carry out its due diligence and settle financing arrangements. During this time, the seller is precluded from entertaining offers from other buyers.

Underwriter:

A company, more often than not an investment banking firm, which guarantees or participates in a guarantee on an entire issue of stocks or bonds will be purchased.

Unimproved land:

Unimproved land refers to any land which is not been yet improved or without any building. It can also mean land which is in its natural state.

Usable square footage:

An area which is enclosed within the demising walls of the tenant space that equals the net square footage multiplied by the circulation factor is known as ‘Usable square footage’.

Use:

An exact intention for which a parcel or a building is intended to be used or for which it has been designed or set, refers to ‘Use’.