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Real Estate Glossary

Listed below are a glossary of real estate terms in alphabetical order that you may find usefull when considering a real estate transaction.

Sale-leaseback: A technique in which a seller deeds property to a buyer for a consideration, and the buyer simultaneously leases the property back to the seller.

Second mortgage: A mortgage that has a lien position subordinate to the first mortgage.

Secondary market: The buying and selling of existing mortgages, usually as part of a "pool" of mortgages.

Secured loan: A loan that is backed by collateral.

Security: The property that will be pledged as collateral for a loan.

Seller carry-back: An agreement in which the owner of a property provides financing, often in combination with an assumable mortgage.

Servicer: An organization that collects principal and interest payments from borrowers and manages borrowers’ escrow accounts. The servicer often services mortgages that have been purchased by an investor in the secondary mortgage market.

Servicing: The collection of mortgage payments from borrowers and related responsibilities of a loan servicer.

Settlement statement: See HUD1 Settlement Statement

Specific lien: A lien affecting or attaching only to a certain, specific parcel of land or piece of property.

Square-foot method: A method of estimating a building's construction, reproduction or replacement costs; whereby the structure's square-foot floor area is multiplied by an appropriate construction cost per square foot.

Statute of frauds: State law that requires certain contracts to be in writing and signed by the party to be charged (or held) to the agreement in order to be legally enforceable.

Subdivision: A housing development that is created by dividing a tract of land into individual lots for sale or lease.

"Subject to": The recognition by a buyer of conditions (such as a prior loan), which are not the buyer's legal responsibility.

Sublease: A lease given by a lessee for a portion of the leasehold interest, while the lessee retains some reversionary interest. The sublease may be for all or part of the premises, for the whole term or part of it, as long as the lessor retains some interest in the property. Leases normally contain a clause prohibiting subletting without prior consent of the lessor. The lessee remains directly liable to the lessor for the rent, which is usually paid by the sublessee to the lessee and then from the lessee to the lessor. The sublessee does not have a contractual obligation to pay rent to the original lessor.

Subordinate financing: Any mortgage or other lien that has a priority that is lower than that of the first mortgage.

Survey: A drawing or map showing the precise legal boundaries of a property, the location of improvements, easements, rights of way, encroachments, and other physical features.

Sweat equity: Contribution to the construction or rehabilitation of a property in the form of labor or services rather than cash.

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