A | B | C | D | E | F | G | H | I | JK | L | M | N | O | P | Q | R | S | T | U | V | W | YZ |     Home Safety Clause A clause in a listing that protects the broker from having buyer and seller wait until the listing expires to make a deal, thereby avoiding paying the commission. Sale/Lease Back When a lender purchases a property and leases it back to the seller for a specified amount of time. Sales Agreement See Agreement of sale. Sales Comparison Approach A method of appraising a property by comparing recent sales of comparable properties and making the necessary adjustments for any differences. Satisfaction of Mortgage A document distributed by the mortgagee when the mortgage loan has been paid in full. Also referred to as "release of mortgage." Savings and Loans Institutions that are chartered to hold savings and make real estate loans, as well as offer checking accounts, consumer loans, and other services offered by banks. Seasoned Mortgage A mortgage where the borrower has made consistent payments for a year or longer. Second Mortgage A mortgage that has rights subordinate to the rights of the first mortgage holders. Can be for purchase or refinance, concurrent or stand alone. Secondary Financing Any additional financing liened against a property, after the primary or first lien. If the property is foreclosed on, proceeds from the sale of the property will be used to pay off the existing liens in the order that they are recorded on the title. For that reason, a lender considers secondary financing to be riskier than a first lien position loan. Secondary Mortgage Market The buying and selling of existing mortgages. Self-Amortization Occurs when monthly payments allow a loan to be repaid, including principal and interest, over its terms without any balloon payments. Seller Carry-Back An agreement in which the owner of a property provides secondary financing in combination with a lender first. Seller Contributions Seller provided funds include all allowable transaction costs to be paid by the seller. Seller-Provided Funds (Also called 'Seller Contributions'). Seller-provided funds include all allowable transaction costs to be paid by the seller. Separate Property Real property that is owned by one person exclusive of any interest of another person. Servicer The party who has entered into an agreement with the insured to service a loan. Servicing Fee The monthly or yearly fee made by a lender to the correspondent lender who originally made the loan for the servicing of the loan. Servicing rights may be bought or sold with the loan. Settlement (Closing) The process by which all financial dealings and contractual arrangements are completed for the buyer and seller. At the time of settlement, or closing, all debts are paid, adjustments made, and money disbursed, and a deed is prepared in the new owner's name. Settlement Costs See Closing Costs. Shared Appreciation Mortgage (SAM) A mortgage in which a borrower receives an interest rate below the market rate, in return, the lender (or another investor) shares part of the future property value appreciation. Simple Interest Interest that is calculated only on the principle balance. Simple Premium A premium which provides coverage for more than a year. Simultaneous Closing A first and second lien position loans that close at the same time. Single Premium A premium which provides coverage for more than a year. Singlewide A mobile home consisting of one complete unit. Special Assessments A special tax imposed on property, individual lots, or all property in the immediate area, for road construction, sidewalks, sewers, streetlights, 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. Spread The difference between the rate at which the money can be borrowed (wholesale) and the rate at which it is loaned (retail). It can also mean the difference between the price offered by a buyer and the price asked for by the seller of a property. Stated Documented Income Some loan products require only that applicants 'state' the source of their income without providing supporting documentation such as tax returns. Step-Rate Mortgage A mortgage program that allows for the interest rate to increase on a particular schedule. At the end of the specified period, the rate and payments stay the same for the remainder of the loan. Stick Built A residential home that is built on site, from the ground up, from a pre-determined set of plans and materials. Sub-prime Credit with higher risk characteristics, such as slow pays, bankruptcy, or collection accounts. Sublease A lease agreement between the lessee and a third party for a term no longer than the remaining portion of the original lease. Subordination Agreement An agreement where a prior lien agrees to take a lesser position to a new lien. Subprime Lender A Lender that makes loans to borrowers on real estate who have credit with higher risk characteristics, such as slow pays, bankruptcy, or collection accounts. Subprime Lenders Lenders that make loans to borrowers on real estate who have credit with higher risk characteristics, such as slow pays, bankruptcy, or collection accounts. Suburban A description of a town or an unincorporated, developed area that has a close proximity to a city. Largely residential and dependent on the closest city for employment, etc. Super Jumbo Loan A loan amount that is over 1 million dollars Surface Rights The rights (easements) to use the surface of the land. If subsurface rights are involved, the right also to drill or mine beneath the surface. Survey 1. A professional examination of a property. A survey usually will reveal the size of a property, its boundary distances, ground contours, and where improvements or alterations have been made. 2. A print showing the measurements of the boundaries of a parcel of land, together with the location of all improvements on the land and sometimes its area and topography. Swap Spread Exchanging one asset or liability for a similar asset or liability to either lengthen or shorten maturities, or raise or lower coupon rates. Sweat Equity The equity produced by a purchaser doing work on a property being built.