Under contract: The period of time after a seller has accepted a
buyer's offer to purchase a property and during which the buyer is able to
perform its due diligence and finalize financing arrangements. During this
time, the seller is precluded from entertaining offers from other buyers.
Underwriter: A company that
guarantees or participates in a guarantee that an entire issue of stocks or
bonds will be purchased
Unencumbered: Property that is free of liens and other encumbrances.
Unimproved land: Most commonly refers to land without improvements or
buildings but also can mean land in its natural state.