A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
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Second Mortgage
A mortgage that has a lien position subordinate to the first mortgage.
Settlement Fees
Fees paid to the escrow agent for carrying out the written instructions of the agreement between buyer and seller and/or borrower and lender.
Shared-Appreciation Mortgage
A loan that allows a lender or other party to share in the borrower's profits when the home is sold.
Special Assessments
A special tax imposed on property, individual lots or all property in
the immediate area, for road construction, sidewalks, sewers, street
lights, etc.
Special Deposit Account
An account that is established for rehabilitation mortgages to hold the funds needed for the rehabilitation work so they can be disbursed from time to time as particular portions of the work are completed.
Special Lien
A lien that binds a specified piece of property, unlike a general lien,
which is levied against all one's assets. It creates a right to retain
something of value belonging to another person as compensation for
labor, material, or money expended in that person's behalf. In some
localities it is called "particular" lien or "specific" lien. (See
lien.)
Special Warranty Deed
A deed in which the grantor conveys title to the grantee and agrees to
protect the grantee against title defects or claims asserted by the
grantor and those persons whose right to assert a claim against the
title arose during the period the grantor held title to the property. In
a special warranty deed the grantor guarantees to the grantee that he
has done nothing during the time he held title to the property which
has, or which might in the future, impair the grantee's title.
Survey
A map or plat made by a licensed surveyor showing the results of
measuring the land with its elevations, improvements, boundaries, and
its relationship to surrounding tracts of land. A survey is often
required by the lender to assure him that a building is actually sited
on the land according to its legal description.
Step-Rate Mortgage
A loan that allows a gradual increase in the interest rate during the first few years of the loan.
Sweat Equity
Contribution to the construction or rehabilitation of a property in the form of labor or services rather than cash.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
