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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.
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