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Seasoning:
Loan which has been in force for a period of time thus establishing the
borrower's payment history, loans are typically deemed to be seasoned after
either six months or one year. Second
Mortgage:
Mortgage recorded after another mortgage has already been recorded and
not yet released, subordinated lien. Section
1031:
Section of the Internal Revenue Code dealing with tax-free exchanges of
like-kind property. Section
8:
Privately owned rental dwelling units participating in the low-income
rental assistance program created by 1974 amendments to Section 8 of the 1937
Housing Act.
Security Deposit:
Cash payment required by landlord to be held during the term of the lease
to offset damages incurred due to actions of the tenant.
Security Interest:
The interest
of a creditor in the property of a debtor. Seller
Financing:
Also known as Owner Financing. Setback Lines:
Lines that establish required distances
for the location of a structure in relation to the perimeter of the property.
They are defined in building codes, deed restrictions, and zoning
requirements. Settlement Costs:
Money paid by borrowers and sellers to affect the closing of
a mortgage loan. This normally
includes an origination fee, discount points, title insurance, survey,
attorney's fee, and such prepaid items as taxes and insurance escrow payments.
Settlement Statement:
Also known as Closing Statement or HUD-1. Short
Sale:
A sale of a house in which the proceeds fall short of what the owner
still owes on the mortgage. Many lenders will agree to accept the proceeds of a
short sale and forgive the rest of what is owed on the mortgage when the owner
cannot make the mortgage payments. By accepting a short sale, the lender can
avoid a lengthy and costly foreclosure, and the owner is able to pay off the
loan for less than what he owes Sinking Fund:
A fund that, with interest, will serve as payment for future
replacements required for an income property. Sky Lease:
A lease of air rights. Special
Warranty Deed:
Deed in which the grantor limits the title warranty given to the grantee,
does not warrant against title defects arising from conditions that existed
before grantor owned the property.
Specific Performance:
Legal action in which the court requires a party to a contract to perform
the terms of the contract. Step-Down Lease:
A lease that provides for specified
decreases in rent at set intervals. Step-Up Lease:
A lease in which the rent is fixed for
the initial term and increases at certain set intervals by predetermined amounts
or by amounts based on periodic appraisals. Such
leases are also called graduated leases Stop Clause:
A provision in a lease whereby real estate tax increases imposed on the Lessor
are passed along to the lessee as additional rent; also referred to as an
Escalator clause. Subdivision:
Improved or unimproved land divided into a number of parcels
for the purpose of sale, lease, or financing. Subject
To:
Buyer takes title to mortgaged real property but is not personally liable
for the payment of the amount due; buyer must make payments in order to keep the
property. Subordination: Establishment
of priority between different existing interests, claims, liens and encumbrances
on the same parcel of land; a document or clause that permits a mortgage to be
recorded at a later date to take priority over an existing lien; it may apply to
mortgages, leases, real estate rights and any other types of debt instruments. Subrogation:
A legal technique under which one person
substitutes for another in reference to a debt, claim or right. Survey: Process by which a parcel
of land is measured and its area ascertained.
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