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Sales comparison approach |
The method of evaluating a property's value by
comparing it to actual sales prices and values of comparable
properties |
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Sale-leaseback |
A transaction in which a seller deeds property
to a buyer for a consideration, and the buyer simultaneously leases the
property back to the seller |
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SBA |
Abbreviation for the Small Business
Administration |
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Second mortgage, or junior
mortgage |
A mortgage whose claim to repayment is of lesser
priority than another, previously recorded mortgage, usually or shorter term
and often at higher interest |
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Secondary market |
Agents or agencies that buy mortgages from
primary lenders, usually at discounted prices, to sell to
investors |
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Section, or Section of
land |
A parcel of land measuring one square mile or
640 acres |
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Set Back Lines |
The distance designated by zoning regulations
that is required between the perimeter of a property and where structures can
be positioned |
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Secured loan |
A loan guaranteed by collateral |
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Security |
The property pledged as collateral for a loan or
mortgage |
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Seller take-back |
A contract whereby the seller of a property
provides financing, sometimes as part of an assumable mortgage |
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Severalty, or Sole
ownership |
Ownership of real property by only one
individual |
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Special assessment |
An additional tax imposed by the government
against specific parcels of real estate that will benefit from a public
improvement, such as a street |
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Special warranty deed |
An agreement whereby the current owner/seller
guarantees he has done nothing that would impair or cloud title, but does not
make any guarantee for what occurred prior to his ownership of the
property |
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Specific performance |
A legal action that requires a party to honor
the terms of a contract |
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Statute of limitations |
The time period allowed for the filing of a
legal suit to enforce a claim, after which any such claims are
barred |
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Step-rate mortgage |
A loan that allows for the interest rate to
increase in increments according to a designated schedule for a specified
period of time, at the end of which, the interest rate returns to a constant
percentage |
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Subagent |
An individual or party who is employed by
someone already acting as an agent |
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Subdivision |
A tract of property that is divided into streets
and individual lots |
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Subject to |
Taking ownership of a property with a lien
(legal claim or charge) against it, but not assuming responsibility for the
said lien, while the holder who forecloses the lien can take the property, but
may not collect money from the owner who took "subject to" |
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Subsidized second
mortgage |
An alternative financing option for low- and
moderate-income households, issued by a state or county housing foundation,
agency or nonprofit corporation, whereby the buyer can purchase a first
mortgage with a subsidized second mortgage behind it; payment on the second
mortgage is often deferred and carries a low or no interest rate, and a portion
of the mortgage may be forgiven incrementally for each year the buyer resides
in the home |
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Survey |
The process of determining property areas, by
measuring its dimensions, lot lines and other physical features
Also, the
map that results from such measurements taken |
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| Q |
What is considered one of the key elements of the American dream?
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| A |
Home ownership is considered to a key to the American dream; more than 2 million first-time buyers bought property last year. |
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