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Real Estate Glossary

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Under-valuation

A value of the property that is lesser than the fair market value. Registration fee for a property is based on the value of the property in case of capital transaction or rent in case of rental transaction.

Underconstruction property

A property whose basic structure is being built.

Unilateral Contract

A one-sided contract. If one party makes a promise to do something, the second party is not legally required to perform. If the second party does comply, however, the first party is obligated to keep its promise.

Urban Land Ceiling and Regulation Act (ULCRA)

Popularly referred to as ULC Act. This is basically a legislation that was enforced to prevent profiteering and hoarding in the urban land market as well as prevent urban congestion

Utilities

The private or public service facilities such as gas, electricity, telephone, water, and sewer that are provided by the government agencies as part of the development of the land.

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