Real Estate Terminology (Glossary)

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Eric Nansen
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Glossary - 'S'

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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.

Sale Pending
A real estate transaction for which a contract has been signed and accepted but the sale has not closed.

Second Mortgage
A mortgage that has a lien position subordinate to the first mortgage.

Secondary Market
The buying and selling of existing mortgages.

Secured Loan
A loan that is backed by collateral.

Security
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.

Separate Property
Property that is not community property.

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 market.

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

Short Sale
A sale of property in which the sale price is less then the amount owned on the mortgage.

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

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.

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