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.
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.
U.S. Department. of Housing and Urban Development (HUD): A federal agency that oversees the Federal Housing Administration and a variety of housing and community development programs.
Use: The specific purpose for which a parcel or a building is intended to be used or for which it has been designed or arranged.
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