Under construction - The time between when the building of a structure commences to the time the certificate of occupancy is issued.

Under contract - The time between when a seller accepts a buyer's purchase offer on a property to the closing of the sale, during which time the buyer performs their due diligence and finalizes financing arrangements. The seller is not permitted to entertain offers from other buyers during this time.

Underwriter - A investment banking or brokerage firm or a commercial banker, that works with an issuer to guarantee or participate in a guarantee that an entire new issue of stocks or bonds will be sold.

Unencumbered - Real property that is free and clear of liens or any other encumbrances.

Uniform Residential Loan Application (URL-1003) - The standard loan application all lenders use.

Unimproved land - Real property without any improvements or buildings, but also can mean land in its natural state.

Unrated classes - Typically the most subordinated classes of all Commercial Mortgage-Backed Securities.

UPREIT (Umbrella Partnership Real Estate Investment Trust) - REIT organizational structure created for tax purposes where the assets are owned by a holding company.

USA PATRIOT Act - The acronym for legislation passed in 2001 that substantially amends the Bank Secrecy Act of 1970. The Act's far-reaching scope covers a broad range of financial activities and institutions, especially in verifying the identity of individual depositor's and clients.

Usable square footage - The area contained within the tenant space's demising walls that is equal to the net square footage multiplied by the circulation factor.

Use - The specific purpose for which a piece of land or a building is intended, designed or arranged to be used. That enjoyment of real property which consists in its employment, occupation, exercise or practice.