Custom Search





Home
Site Map: START HERE
Rental Property Intro
Investment Strategy
Property Values 101
Find a Property
Financing Property
Cash Flow Analysis
Landlord 101
FREE Landlord Forms
Landlord Insurance
Tenant/Property Law
Rental Property Tax
Foreclosure Property
Commercial Property
Retirement Savings
Sell Property
Property Definitions
Rental Property Blog
Property News
Real Estate Videos
About

Follow Me!
Bookmark and Share

"Comprehensive Glossary of Real Estate Terminology – Letter S"


Show Your Love


Peruse the following real estate terminology and learn to "talk the talk"! Just click on the appropriate letter and start feeding your head now!


A B C D E F G H I J K L M
N O P Q R S T U V W X Y Z


S

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 mortgage market: The buying and selling of existing mortgages.

Secured loan: A loan that is backed by collateral.

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

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

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.

Service members Civil Relief Act: A federal law that restricts the enforcement of civilian debts against certain military personnel who may not be able to pay because of active military service. It also provides other protections to certain military personnel.

Settlement: See closing.

Settlement statement / sheet: See HUD-1 statement.

Single-Family Properties: One- to four-unit properties including detached homes, townhouses, condominiums, and cooperatives, and manufactured homes attached to a permanent foundation and classified as real property under applicable state law.

Soft Second Loan: A second mortgage whose payment is forgiven or is deferred until resale of the property.

Special deposit account: An account that is established for rehabilitation mortgages to hold the funds needed for the rehabilitation work so they can be disbursed from time to time as particular portions of the work are completed.

Standard payment calculation: The method used to determine the monthly payment required to repay the remaining balance of a mortgage in substantially equal installments over the remaining term of the mortgage at the current interest rate.

Step-rate mortgage: A mortgage that allows for the interest rate to increase according to a specified schedule (i.e., seven years), resulting in increased payments as well. At the end of the specified period, the rate and payments will remain constant for the remainder of the loan.

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

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

Subsidized second mortgage: An alternative financing option known as the Community Seconds® mortgage for low- and moderate-income households. An investor purchases a first mortgage that has a subsidized second mortgage behind it. The second mortgage may be issued by a state, county, or local housing agency, foundation, or nonprofit corporation. Payment on the second mortgage is often deferred and carries a very low interest rate (or no interest rate). Part of the debt may be forgiven incrementally for each year the buyer remains in the home.

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.




Return to Rental Property 101


Return from Real Estate Terminology to Homepage



Leave a Reply

Your email address will not be published. Required fields are marked *

Name *
Email *
Website
Comment

footer for rental property investing page