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 comparison approach
|
see CMA |
salesperson
|
A licensed real estate agent working on behalf of a
broker |
second mortgage
|
A mortgage that has a lien position subordinate to the first
mortgage. |
secondary market
|
The buying and selling of existing mortgages. |
section
|
Part of a real estate property description which is reflected
as Lot, Block, Subdivision name, plat number, Survey number, or
Meridian, Township, Range, Section (MTRS). As used in the
government survey method, a land area of one square mile, or 640
acres. |
section 1031
|
A section of the U.S. Internal Revenue Service Code that
allows deferment of capital gains taxes on any exchange of
like-kind properties for business or investment purposes. Taxes
on capital gains are not charged upon sale of a property as the
money is being used to purchase another property - the payment of
tax is deferred until property is sold with no
re-investment. |
section 1245
|
A part of the IRS code stating that depreciable property that
has been sold at a price in excess of depreciated or salvage
value may qualify for favorable capital-gains tax treatment. |
section 1250
|
A section of the IRS code stating that a gain from selling
real estate that has been subjected to accelerated depreciation
should be treated as ordinary income instead of a capital
gain. |
secured loan
|
A loan that is backed by collateral. |
security
|
The property that will be pledged 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. See
owner financing. |
servicer
|
An organization that collects principal and interest payments
from borrowers and manages borrowers’ escrow accounts. The
servicer often services mortgages that have been purchased by an
investor in the secondary mortgage market. |
servicing
|
The collection of mortgage payments from borrowers and
related responsibilities of a loan servicer. |
setback
|
The minimum distance a house or buildings must be from the
lot line. |
settlement statement
|
See HUD-1 statement. |
severalty
|
Sole ownership of property. Ownership by one person. |
slab
|
A foundation built directly on soil with no basement or crawl
space. |
sole ownership
|
Title to property in one name. |
special assessment
|
Special charges levied against real property for public
improvements that benefit the assessed property |
specific performance
|
An action to compel the performance of a contract. |
steering
|
An illegal procedure where individual buyers, who are usually
minorities, are only shown properties in specific
neighborhoods. |
subdivision
|
A housing development that is created by dividing a tract of
land into individual lots for sale or lease. |
sublease
|
A lease given by a tenant. |
subordinate financing
|
Any mortgage or other lien that has a priority that is lower
than that of the first mortgage. |
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. |
