Real Estate Glossary S

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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

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

SBA

Abbreviation for the Small Business
Administration

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

Secondary market

Agents or agencies that buy mortgages from
primary lenders, usually at discounted prices, to sell to
investors

Section, or Section of
land

A parcel of land measuring one square mile or
640 acres

Set Back Lines

The distance designated by zoning regulations
that is required between the perimeter of a property and where structures can
be positioned

Secured loan

A loan guaranteed by collateral

Security

The property pledged as collateral for a loan or
mortgage

Seller take-back

A contract whereby the seller of a property
provides financing, sometimes as part of an assumable mortgage

Severalty, or Sole
ownership

Ownership of real property by only one
individual

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

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

Specific performance

A legal action that requires a party to honor
the terms of a contract

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

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

Subagent

An individual or party who is employed by
someone already acting as an agent

Subdivision

A tract of property that is divided into streets
and individual lots

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”

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

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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Sales comparison approach	The method of evaluating a property’s value by comparing it to actual sales prices and values of comparable properties
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
SBA	Abbreviation for the Small Business Administration
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
Secondary market	Agents or agencies that buy mortgages from primary lenders, usually at discounted prices, to sell to investors
Section, or Section of land	A parcel of land measuring one square mile or 640 acres
Set Back Lines	The distance designated by zoning regulations that is required between the perimeter of a property and where structures can be positioned
Secured loan	A loan guaranteed by collateral
Security	The property pledged as collateral for a loan or mortgage
Seller take-back	A contract whereby the seller of a property provides financing, sometimes as part of an assumable mortgage
Severalty, or Sole ownership	Ownership of real property by only one individual
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
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
Specific performance	A legal action that requires a party to honor the terms of a contract
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
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
Subagent	An individual or party who is employed by someone already acting as an agent
Subdivision	A tract of property that is divided into streets and individual lots
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”
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
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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Real Estate Glossary S

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Do
any of these definitions raise questions for you? Didn’t find the word
you’re looking for? Let us know! We’re happy to answer ANY questions.
It’s our job! There’s no obligation, and we promise to get back to you
quickly…