Real Estate Glossary

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S.R.E.A.: The Senior Real Estate Analyst designation, granted by the Appraisal Institute, is held by appraisers experienced in real estate valuation and analysis and who advise clients on real estate investments. The institute grants designations to both general and residential appraisal members

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.

Sales Contract: A contract by which buyer and seller agree to terms of a sale. 

Sandwich Lease: A leasehold interest which lies between the primary lease and the operating lease. It is created when the lessee enters into a sublease. 

Satisfaction: A legal document recorded on the county recorder's books when a mortgage has been paid in full. it is signed by the mortgagee and recites that the debt has been satisfied.

Second Mortgage: Another mortgage which has already been pledged as collateral for an earlier mortgage and carries rights which are subordinate to those of the first. 

Secondary Market: The buying and selling of existing mortgages, usually as part of a "pool" of mortgages.

Secured Loan: A loan that is backed by collateral. 

Security: The property assigned as collateral for a loan. 

Seller Carry-Back: An agreement in which the owner of a property provides financing, often in combination with an assumable mortgage. 

Separate Property: Property owned by a husband or wife and acquired prior to marriage or by gift.

Servicer :An organization that deals with the ongoing process of collecting your monthly mortgage payment, including accounting for and payment of your yearly tax and/or homeowners insurance bills.

Servicing: The collection process of mortgage payments from borrowers and related responsibilities of a loan servicer. 

Settlement Statement: A document that provides a complete breakdown of costs involved in a real estate sale usually prepared by broker, escrow, closing agent, title company, or lender.

Sheriff's Deed: Deed given at sheriff's sale in foreclosure of mortgage.

Simple Interest: Interest computed on principal alone, as opposed to compound interest.

Situs: Location.

Specific Performance: A legal act to force the performance of a contract according to its terms. 

Statute of Frauds: A State law that requires certain contracts must be written in order to be enforceable at law. 

Statutory Law: A involuntary lien, such as tax liens, judgment liens, mechanic liens, etc.

Straight Line Depreciation: Definite sum set aside annually from income to pay cost of replacing improvements without reference to interest it earns. 

Subdivision: A housing development that is created by dividing a tract of land into individual lots for sale or lease. 

Subject to Mortgage: The buyer of an already mortgaged property makes the payments, but does not take personal responsibility for the loan. Should the mortgage be foreclosed and the property sold for a lesser amount than is owed, the grantee-buyer is not personally liable for the deficiency, but the grantor-seller is.

Sublease: A lease given by a lessee.

Subordinate Financing: Any mortgage or other lien that has a priority and is lower than the first mortgage. 

Subordination Clause: Clause in some mortgages which allows subsequent mortgages on the same property to have higher claim than the current mortgage. 

Subrogation: The substitution of another person in place of the creditor to whose rights he succeeds in relation to the debt. The doctrine is often used when one person agrees to stand surety for the performance of a contract by another person. 

Surety: One who guarantees the performance of another. 

Survey: A drawing or map showing the precise legal boundaries of a property, the location of improvements, easements, rights of way, encroachments, and other physical features. 

Sweat equity: Contribution to the construction or rehabilitation of a property in the form of labor or services rather than cash.