|
  |
||
GLOSSARY of American & Mexican Real Estate Terms
S
Sale-leaseback
A technique used by owners of property as a means of raising capital. The process involves the simultaneous selling and leasing back of the property usually through a net lease.
Sales Contract - Compraventa
An agreement in which the buyer and seller agree to the terms and conditions of the sale of property (Bilateral Contract).
Salesperson
A natural person licensed to perform on behalf of any licensed real estate broker any act or acts authorized to be performed by the broker.
Satisfaction of Mortgage
An instrument issued by the mortgagee (Lender) when the mortgage has been paid in full.
Satisfaction Piece
An instrument issued by a person holding a lien to indicate lien is discharged.
Scarcity
The scarcity of real estate refers to the limited supply of certain types of real estate at particular locations.
Second Mortgage
A mortgage subordinate to a first mortgage; also referred to as a junior mortgage (Recorded Second).
Secondary Market
The buying and selling of existing mortgages, usually as part of a "pool" of mortgages.
Secured Loan
A loan that is backed by collateral.
Security
The property that will be pledged as collateral for a loan.
Sedona, Arizona
Cited by USA Today’s Weekend Edition (May 18,2003) as #1 on the list of the “Ten Most Beautiful Places In America.”
Seisin
The actual possession of land by one who claims rightful ownership of a freehold estate therein.
Seller- Vendedor
Vendor: one who has contracted to sell property.
Seller Financing - Venta Financiada
An agreement in which the owner of a property provides financing, often in combination with an assumable mortgage.
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.
Servient Estate
The tract of land burdened by an easement.
Setback Lines
A requirement in zoning ordinances in which all structures are to be a minimum distance from property lines.
Settlement Statement
A document that provides an itemized listing of the funds that were paid at closing. Items that appear on the statement include real estate commissions, loan fees, points and intial escrow amounts.
Severalty Ownership
Ownership by one person.
Site
A lot ready for development.
Situs
Refers to the economic location of real estate.
Special Agent
One limited in authority to transact a single business affair or a specific series of business affairs or to perform restricted acts for the principal (Listing one property for sale).
Special Assessment
From time to time jurisdictions levy a charge on certain pieces of property for the purpose of paying for the cost of a public a improvement such as sewers or sidewalks, which particularly benefit properties being assessed as opposed to those improvements benefiting the public at large. Considered a tax.
Special Warranty Deed
The grantor warrants against defects that have occurred after the grantor acquired title (No warrantee forever-only for the time the grantor owns the property).
Specific Lien
One that attaches to a particular property.
Specific Performance
An equitable remedy in which the court orders the contract to be performed as agreed to by the parties.
Statute
A law passed by a state legislature.
Statute of Frauds
Every state has some form of laws which require that certain contracts must be in writing in order to be enforceable in a court.
Statutory Period of Redemption
The time within which property may be redeemed after a foreclosure sale.
Steering
The channeling of prospective home purchasers or renters, by real estate brokers or salespersons, into racially homogeneous neighborhoods, and actively discouraging them away from neighborhoods of different racial or ethnic composition.
Straight Note
A promissory note evidencing a loan in which payments of interest only are made periodically during the term of the note, with the principal payment due in one lump sum upon maturity. A straight note is usually a nonamoritized note made for a short term, such as two to 4 years, and is renewable at the end of the term. A mortgage that secures a straight note is a term mortgage or straight-term mortgage.
Straight Note
A promissory note evidencing a loan in which payments of interest only are made periodically during the term of the note, with the principal payment due in one lump sum upon maturity. A straight note is usually a nonamoritized note made for a short term, such as two to 4 years, and is renewable at the end of the term. A mortgage that secures a straight note is a term mortgage or straight-term mortgage.
Street - Calle
A thoroughfare especially in a city, town, or village that is wider than an alley or lane and that usually includes sidewalks.
Subdivision - Fraccionamiento
A housing development that is created by dividing a tract of land into individual lots for sale or lease.
Sublease
The transfer when the original lessee retains a reversion. Primary liable. Remains with the original lessee.
Subordinate Financing
Any mortgage or other lien that has a priority that is lower than that of the first mortgage.
Subordination Clause
A clause in which the holder of a mortgage permits a subsequent mortgage to take priority. Subordination is the act of yielding priority.
Subrogation
The substitution of a third person in place of a creditor to whose rights the third person succeeds in relation to the debt (Title company).
Supplier - Proveedor
An individual or corporation that customary or periodically offers, distributes, sells, rents or concedes the use or enjoyment of property, products or services.].
Suit
A court action to enforce a legal claim or right.
Survey - Traspaso
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 - Topographo
One whose occupation is surveying land.
Sweat Equity
Contribution to the construction or rehabilitation of a property in the form of labor or services rather than cash.
Syndicate
An arrangement to raise equity capital for real estate purchases or for other types of investments.
|
|||
Flagstaff Luxury Homes | Sedona AZ Real Estate | Sedona AZ Luxury Homes |
|||
