Real Estate & Investing Dictionary
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S and L
See Savings and Loan Association.

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-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 the buyer and seller agree to terms of sale.

Sales Person
Individual employed in selling a product or service.

Sales Price
The amount of money that is paid by a purchase to a seller for an object that is bought.

Sandwich Lease
While having the option to buy a property, the investor subleases it to gain positive cash flow.

Satisfaction Piece
The receipt for a mortgage that has been paid off.

Savings And Loan Association
A financial institution that makes loans. Savings and Loans were originally set up to make home loans, but during the 1980s, deregulation allowed them to make commercial loans, as well.

Scire Facias
A court command to a borrower to show up at a hearing and show cause why a foreclosure should not be authorized.

Second Deed Of Trust
A Deed of Trust that is in a subordinate position to another Deed of Trust securing the same parcel.

Second Lien
See Junior Lien Holder.

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

Second Mortgage
A mortgage made by a home buyer in addition to an existing first mortgage.

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

Secondary Market
The market in which investors buy loans from primary lenders, who deal directly with borrowers to originate loans.

Secondary Market
The buying and selling of existing mortgages, usually as part of a "pool" of mortgages.

Secondary Mortgage Market
The buying and selling of existing mortgages.

Section
Pieces of land in Sectional land descriptions, usually six miles square, numbered outward from the Principal Meridian and Base Line.

Sectional Land Descriptions
Land descriptions showing the Section, Township, and Range that a piece of real property is located in. Also referred to as Acreage.

Secured Loan
A loan that is backed by collateral.

Secured Loan
A loan that is backed by collateral.

Security
The property that will be pledged as collateral for a loan.

Security
The property that will be pledged as collateral for a loan.

Security Deposit
An amount of money paid by a tenant before moving into the premises to cover any damage incurred while living there, or to protect the landlord in the event that the tenant leaves without being current on rent payments. If the tenant is current and the unit only has a normal amount of wear and tear, then the deposit is generally refunded.

See Federal Savings and Loan Insurance Corporation.
Full Assumption

Seller Take-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.

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.

Servicing
The process of administering a mortgage loan including collecting payments, maintaining insurance and undertaking special measures such as workouts and foreclosures when they prove necessary.

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

Servicing a Debt
The act of paying the periodic principal and interest payments on an outstanding debt obligation.

Settlement Statement
See HUD1 Settlement Statement

Sheriff’s Deed
A deed sold by sheriff at public auction, showing date and place of sale, description and location of property, consideration, grantee, and parties to execution, acknowledgement, date filed, and certificate of recorder.

Short Payoff
A workout procedure in which the lender accepts less than the full balance due on the loan as part of a deal in which the borrower cooperates with the lender to obtain a quick sale. The lender skips foreclosure, which would take time, cost money and expose the house to vandalism, further declines in market value, and marketing costs for resale.

Simple Assumption
An assumption arrangement in which the seller conveys title to the property to the buyer and moves out while the buyer moves in and makes payments on the old loan. The lender does not approve the buyer's credit and income, so the deal may be called a no approval loan. However, the seller remains liable on the old loan under such circumstances. Only loans without strong "due on sale" clauses are assumable without approval. This includes DVA loans made before March 1, 1988, FHA loans made before December 15, 1989, and conventional loans made before 1973.

Single-family Properties
One- to four-unit properties including detached homes, townhomes, condominiums, and cooperatives

Site Address
The location of a property with a structure, independent of a Legal Description. Vacant land does not have a Site Address unless it possessed structure in the past.

Site City/State/Site Zip
Part of the Site Address

Slum Area
Depressed and poorly kept locality, with vacant building, which may also be a high crime area. Poor and homeless often live in slum areas.

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.

Specific Performance
A court order requiring a person to act or do a specific thing that they had agreed to do.

SQFT
The area of floor space of a structure, usually measured by footprints of buildings which do not take into consideration the thickness of interior walls.

Square Feet
The area of floor space of a structure, usually measured by footprints of buildings which do not take into consideration the thickness of interior walls.

Standard Payment Calculation
The method used to determine the monthly payment required to repay the remaining balance of a mortgage in substantially equal installments over the remaining term of the mortgage at the current interest rate.

Stay
See Automatic Stay.

Step-rate Mortgage
A mortgage that allows for the interest rate to increase according to a specified schedule, resulting in increased payments as well. At the end of the specified period, the rate and payments will remain constant for the remainder of the loan.

Strict Foreclosure
A legal premise followed by some states that the lender owns the property and may simply evict the borrower for nonpayment and gain full and complete title free of the borrower's claims by waiting a prescribed period of time until the borrower's right to redeem ends. The lender gains the value of the land above what is owned on the loan.

Subdivision
A tract of land divided into lots or plots.

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

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

Subject To Clause
A clause in a deed that transfers title from a seller to a buyer in an assumption transaction, or in other paperwork for the assumption transaction, in which the borrower refuses to accept legal liability to make payments, although the buyer expects to do so. The lender's remedy for nonpayment is limited to foreclosure, and neither the lender nor the seller can sue the defaulting buyer for missed payments on the loan balance.

Subordinate Clause
A clause in a mortgage that gives priority to a mortgage taken out at a later date.

Subordinate Financing
Any mortgage or other lien that has a priority that is lower than that of the first mortgage.

Subordinate Financing
Any mortgage or other lien that has a priority that is lower than that of the first mortgage.

Subordination Agreement
An agreement between two entities describing which is inferior and which superior to the other in lien position. The subordinate lien is sometimes referred to as being "second place" or "second position". Most commonly used when two mortgages are on a single property.

Subrogation For Mortgage Insurers
The right of a mortgage insurance company to file a suit to recover from the borrowers sums it must pay out to a lender as a result of the borrower's default on a loan.

Summary Judgment
A legal procedure in which one side wins a lawsuit without a trial by showing that the case involves no material fact issues, but only legal issues that can be decided by the judge. If the judge agrees, then one side wins by Summary Judgment.

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.

Survey
The process by which a parcel of land is measured and its area ascertained; also the blueprint showing the measurements, boundaries, and area.

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.

Surveyor’s Map
A map drawn for the uses of initially or subsequently defining boundaries of properties. From which Sections, Townships, Blocks, Lots, and Parcels shall be distinguished and be identified.

Sweat Equity
Contribution to the construction or rehabilitation of a property in the form of labor or services rather than cash.

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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