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Real Estate Glossary of Terms

Begins with Contains Exactly matches

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Term Definition
Sale Leasebacksale of property by seller and simultaneous leasing of the same property by seller.
 
Sandwich Leaselease held by a lessee (tenant) who becomes a lessor (landlord) by subletting to another lessee (subtenant), typically the sandwich leaseholder is neither the owner nor the user of the property.
 
Seasoningloan which has been in force for a period of time thus establishing the borrower's payment history, loans are tyically deemed to be seasoned after either six months or one year.
 
Second Mortgagemortgage recorded after another mortgage has already been recorded and not yet released, subordinated lien.
 
Section 1031section of the Internal Revenue Code dealing with tax-free exchanges of like-kind property.
 
Section 8privately owned rental dwelling units participating in the low-income rental assistance program created by 1974 amendments to Section 8 of the 1937 Housing Act.
 
Security Depositcash payment required by landlord to be held during the term of the lease to offset damages incurred due to actions of the tenant.
 
Seller Financingalso known as Owner Financing.
 
Settlement Statementalso known as Closing Statement or HUD-1.
 
Short SaleA sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments. By accepting a short sale, the lender can avoid a lengthy and costly foreclosure, and the owner is able to pay off the loan for less than what he owes
 
Special Warranty Deeddeed in which the grantor limits the title warranty given to the grantee, does not warrant against title defects arising from conditions that existed before grantor owned the property.
 
Specific Performancelegal action in which the court requires a party to a contract to perform the terms of the contract.
 
Subject Tobuyer takes title to mortgaged real property but is not personally liable for the payment of the amount due, buyer must make payments in order to keep the property.
 
Subordinationa clause or document that permits a mortgage recorded at a later date to take priority over an existing lien.
 
Surveyprocess by which a parcel of land is measured and its area ascertained.
 


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