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Sales Agreement or Sales Contract
See Agreement of Sale.
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Savings & Loan
Depository institutions that specialize in originating, servicing and holding mortgage loans primarily on owner occupied residential property.
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Secondary Mortgage Market
The market where banks, savings & loans and mortgage bankers can sell mortgages to investors like Fannie Mae or Freddie Mac.
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Second Home
Also known as a vacation home. This home is different from an investment property as it is not rented, but used occasionally by the owners.
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Second Mortgage
A subordinated lien, created by a mortgage loan, over the amount of a first mortgage. Second mortgages generally carry a higher rate than a first mortgage since they represent a higher risk for an investor.
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Section 8 Housing
Privately owned rental units participating in the low-income rental assistance program. Landlords receive subsidies on behalf of qualified low-income tenants, allowing the tenants to pay a limited proportion of their incomes toward the rent.
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Section 1031
The section of the IRS that deals with tax free exchanges of certain property. General rules for tax free exchanges are :
- Exchanged
- Similar
- Used for business or as an investment
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Security
Property that serves as collateral for a debt.
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Servicing
The act of billing, collecting payment, filing reports, managing impound accounts and handling defaults on a mortgage.
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Settlement Cost (HUD guide)
A booklet that provides an overview of the lending process and is required to be given to consumers after the loan application is completed.
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Settlement Statement
See HUD 1
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Special Assessment
A special tax imposed on property, individual lots or all property in the neighborhood to pay for improvements - street lights, sidewalks, etc.
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Special Warranty Deed
The grantor does not warrant against title defects arising from conditions that existed before he/she owned the property. The seller warrants that he/she has done nothing to impair title.
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Shared Appreciation Mortgage
A residential loan with a fixed interest rate that is below market, with the lender entitled to a specified share of appreciation of the property over an agreed upon time interval.
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Sheriff's Deed
A deed given at the sheriff's sale in the foreclosure of a mortgage.
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Single Family Housing (SFR)
A type of residential structure designed to include one dwelling.Example : Town houses, detached units.
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Spec House
A single family dwelling constructed by a builder in anticipation of finding a buyer.
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Specific Performance
A legal action in which the court requires a party to a contract to perform the terms of the contract when the party has refused to fulfill its obligations.
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Standard Uniform Loan Application (Form 1003)
A standard loan application widely used in the mortgage industry.
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Subdivision
A tract of land divided into lots suitable for home building purposes.
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Subordination
A loan in a lower priority, for example a second mortgage is subordinate to a first.
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Subject To (Purchasing subject to a mortgage)
The buyer agrees to make payments on the existing mortgage, without notifying the lender. The seller remains liable for making payments on the loan if the buyer does not make the mortgage payment. The buyer is not personally liable for mortgage payments, but must make payments to keep the property. See also Assumable Mortgage
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Survey
Map made by a licensed surveyor who measures land and charts its boundaries, improvements and relationship to the property surrounding it.
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Sweat Equity
Value added to a property due to improvements made personally by the owner.
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