REAL ESTATE DICTIONARY - S
Sales Agreement
See agreement of sale.
Satisfaction of Mortgage
Document issued by mortgagee when the mortgage is paid
off.
Second Home
Commonly known as a vacation home. This home is not
rented and is occupied occasionally by the owners.
Secondary Financing
A loan secured by a mortgage or trust deed, which lien
is junior to another mortgage or trust deed.
Secondary Market
The buying and selling of mortgage notes between sophisticated
investors such as pension funds, commercial banks, savings
and loans and wall street firms.
Secondary Market Investor
An entity, such as FNMA or FHLMC, that buys mortgage
loans for investment or sells them again to another
secondary market investor. Secondary market investors
do not service loans and do not collect payments from
borrowers.
Secondary Mortgage Market
The buying and selling of first mortgages of trust deeds
by banks, insurance companies, government agencies,
and other mortgagers.
Security
Real or personal property pledged by a borrower as additional
protection for the lender's interest.
Seller's Broker
Agent who takes the seller as a client, is legally obligated
to a set of fiduciary duties and is required to put
the seller's interests above all other's.
Septic Tank
An Underground tank in which sewage from the house is
reduced to liquid by bacterial action and drained off.
Set Back Ordinance
Regulates the distance from the lot line to the point
where improvements may be constructed.
Settlement
See "closing".
Settlement Cost, a HUD Guide
This booklet gives an overview of the lending process
and is required by HUD. It is provided to consumers
after the loan application is completed.
Settlement Statement
A statement prepared by broker, escrow or lender giving
a complete breakdown of the cost associated with a real
estate transaction.
Sheriff's Deed
A deed given at the sheriff's sale in foreclosure of
a mortgage.
Single Family Detached Home
A residential home that is not attached physically to
another home.
Special Assessments
A special tax imposed on property, individual lots or
all property in the immediate area, for road construction,
sidewalks, sewers, street lights, etc.
Special Lien
A lien that binds a specified piece of property, unlike
a general lien, which is levied against all one's assets.
It creates a right to retain something of value belonging
to another person as compensation for labor, material,
or money expended in that person's behalf. In some localities
it is called "particular" lien or "specific"
lien. (See lien).
Special Warranty Deed
A deed in which the grantor conveys title to the grantee
and agrees to protect the grantee against title defects
or claims asserted by the grantor and those persons
whose right to assert a claim against the title arose
during the period the grantor held title to the property.
In a special warranty deed the grantor guarantees to
the grantee that he has done nothing during the time
he held title to the property which has, or which might
in the future, impair the grantee's title.
Specific Performance
Lawsuit requesting that a contract be exactly carried
out, usually asking that the seller be ordered to convey
the property as previously agreed.
Standard Uniform Application
An application developed by FNMA and FHLMC that is widely
used in the mortgage industry.
State and Local Housing Programs
Unique housing finance programs to assist first time
home buyers and low to moderate housing groups. Each
state and local group has different sets of criteria.
Statute of Frauds
The law requires that certain contracts, such as agreements
of sale, to be in writing in order to be enforceable.
Statutory Lien
An involuntary lien, includes tax liens, judgment liens,
mechanic liens, etc.
Substitute of Trustee
A document which is recorded to change the trustee under
the deed of trust.
Survey
Map or plat made by a licensed surveyor who measures
land and charts its boundaries, improvements, and relationship
to the property surrounding it. A survey is often required
by the lender to assure him that a building is actually
sited on the land according to its legal description.
Survivorship
All rights of a joint tenant passes to the surviving
joint tenant.
Sweat Equity
Equity created by the labor of the purchaser or borrower
that increases the value of the property.
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