|
|
 |
 |
|
REAL ESTATE GLOSSARY
|
 |
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
SALES AGREEMENT or SALES CONTRACT
See Agreement of Sale.
SALE-BUYBACK
A financing arrangement in which an investor buys property from a developer and immediately sells it back under a long-term sales agreement, wherein the investor retains legal title.
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.
SALE PRICE
The actual price a property sells for, exclusive of any special financing concessions.
SALES COMPARISON APPROACH
An appraisal practice which estimates the value of a property by comparing it to comparable properties which have sold recently.
SAVINGS & LOAN
Depository institutions that specialize in originating, servicing and holding mortgage loans primarily on owner occupied residential property.
SCARCITY
An economic principal that dictates the price of a good or service through the interaction of supply and demand. When an item is scarce, its price tends to rise, given a constant demand. Real Estate is a classic example of scarcity.
SECOND HOME
Also known as a vacation home. This home is different from an investment property as it is not rented, but used occasionally by the owners.
SECOND MORTGAGE
A loan secured by the equity in a home, when a primary mortgage already exists.
SECONDARY MORTGAGE MARKET
An economic marketplace where mortgage bankers buy and sell existing mortgages.
SECTION 8 HOUSING
Privately owned rental units participating in the low-income rental assistance program. Landlords receive subsidies on behalf of qualified low-income tenants, allowing the tenants to pay a limited proportion of their incomes toward the rent.
SECTION 1031
The section of the IRS that deals with tax free exchanges of certain property. General rules for tax free exchanges are :
The properties must be : Exchanged Similar Used for business or as an investment
SECURED LOAN
A loan that is backed by collateral. In the case of a mortgage loan, the collateral is the house.
SECURITY
Something given, deposited, or pledged to make secure the fulfillment of an obligation, usually the repayment of a debt.
SELLER TAKE-BACK
An agreement in which the owner of a property provides financing, often in combination with an assumable mortgage. See owner financing.
SELLER CARRY-BACK
An agreement in which the owner of a property provides financing, often in combination with an assumable mortgage.
SEMIDETACHED HOUSING
Two residences which share a common wall.
SENIOR LOAN
A real estate loan in first priority position.
SERVICER
A financial institution which collects mortgage payments from borrowers and applies the appropriate portions to principal, interest and any escrow accounts.
SERVICING
The processing of payments, mailing of monthly statements, management and disbursement of escrow funds etc Typically carried out by the company you make payments to.
SETTLEMENT COST ( HUD GUIDE )
A booklet that provides an overview of the lending process and is required to be given to consumers after the loan application is completed.
SHARED APPRECIATION MORTGAGE
A mortgage in which a borrower receives a below-market interest rate in return for which the lender (or another investor such as a family member or other partner) receives a portion of the future appreciation in the value of the property. May also apply to a mortgage where the borrowers share the monthly principal and interest payments with another party in exchange for part of the appreciation.
SHEATHING
The covering on outside walls beneath the siding or exterior finish such as stucco.
SHEETROCK
Also called drywall, the gypsum board commonly used on interior walls.
SHERIFF'S DEED
A deed given at the sheriff's sale in the foreclosure of a mortgage.
SILL PLATE
The lumber used around the foundation to support exterior wall framing.
SILL COCK
Garden hose pipe connection.
SIMPLE INTEREST
Interest which is computed only on the principle balance.
SINGLE FAMILY PROPERTY
A property designed and built to support the habitation of one family.
SOFFIT
The underside of a cornice at the eaves.
SPECIAL ASSESSMENT
A special tax imposed on property, individual lots or all property in the neighborhood to pay for improvements - street lights, sidewalks, etc.
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.
SPECIAL WARRANTY DEED
The grantor does not warrant against title defects arising from conditions that existed before he/she owned the property. The seller warrants that he/she has done nothing to impair title.
SPECIFIC PERFORMANCE
A legal action in which the court requires a party to a contract to perform the terms of the contract when the party has refused to fulfill its obligations.
SPEC HOUSE
A single family dwelling constructed by a builder in anticipation of finding a buyer.
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.
STANDARD UNIFORM LOAN APPLICATION (Form 1003)
A standard loan application widely used in the mortgage industry.
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.
STOP DATE
Date on a term loan when the balloon payment is due.
STUCCO
A textured plaster exterior (and occasionally interior) wall finish.
STUD
A vertical framing piece in a wall, generally 2x4 lumber in interior walls.
SUBDIVISION
A residential development that is created from a piece of land which has been subdivided into individual lots.
SUBJECT PROPERTY
A term which indicates a property which is being appraised.
SUBJECT TO ( PURCHASING SUBJECT TO A LOAN )
The buyer agrees to make payments on the existing mortgage, without notifying the lender. The seller remains liable for making payments on the loan if the buyer does not make the mortgage payment. The buyer is not personally liable for mortgage payments, but must make payments to keep the property. See also Assumable Mortgage
SUBORDINATE FINANCING
Any mortgage or other lien that has a priority lower than that of the first mortgage, or senior loan. See second mortgage.
SUBORDINATION
A loan in a lower priority, for example a second mortgage is subordinate to a first.
SUBSIDIZED SECOND MORTGAGE
An alternative financing option known as the Community SecondsŪ 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.
SUMP
A basin into which water drains and from which the water is pumped out.
SURVEY
A specific map of a piece of property which includes the legal boundaries and any improvements or features of the land. Surveys also depict any rights-of-way, encroachments or easements.
SWEAT EQUITY
Increase in property value due to improvement by owners.
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
|
|
|
 |
|
Information about city that we want to target.
Real Estate in Hacienda Heights
Mortgage Broker in Hacienda Heights
Find good Loan Officer in Cerritos
|
|
|
|
| |
|
|
Home mortgages subject to credit review and approval