Sale Agreement:
Contract drawn by both seller and buyer, stating details, sale, terms including length and term of payment
Sales Agreement or Sales Contract:
Same as Agreement of Sale (see page 1)
Savings and Loan:
Banks, Mortgage Lenders, etc, Doubling as both a depository (accepting checking OR/ and savings deposits) and at the same time giving out loans specifically for the building of , and buying of owner occupied residential home
Secondary Mortgage Market:
A commercial business sector where lenders and banks buy and sell mortgage loans in bundles of packaged loans
Second Mortgage:
A backup or support loan either to augment an existing loan for home repair, refurbishing Or cover unmet amount of the home price
Section 8 housing “subsidy”:
Government assistance program assisting home owners with multiple rental units to accept lower rents, by paying the home owner the un-met portion of a standard rent
Servicing:
The function of ensuring the administration and managing a mortgage loan contract, by creating billing invoices, collecting payments, ensuring accurate reports of payments and defaults
Settlement Cost:
A booklet that is compiled by the department of hosing to explain and instruct home owners or potential home owners about the lending process
Settlement Statement:
Itemized list of all fees paid by the mortgage borrower, to the seller, the mortgage company, the realtor, the county, and the reasons for all these fees.
Seller’s Market:
A situation or market environment forcing buyers to yield to requirement and dictates of sellers since there are very many buyers (demand) and there very few qualifying properties (supply) on the market
Special Assessment:
Special levy or tax assessed or imposed on property owners in a state, county OR local government area, specifically to improve a sidewalk, park, road, etc. special assessment is different and separate from annual property tax
Special Warranty Deed:
A written proclamation by seller that he or she has done nothing to impair the quality of title, special warranty deed is not a warranty against pre-existing conditional defects
Shared Appreciation Mortgage:
Shared appreciation mortgage has a fixed rate and allows the lender to share in profits obtained due to periodic increases in property value
Sheriffs Deed:
A certificate of ownership specifically written by a sheriff at a sheriffs auction sale, in a foreclosure mortgage
Single Family House (SFR):
Single means a home designed to house one family unit not restricted to (single family ranch or cape cod)
Specific Performance:
A institution OR court injunction to fulfill a specific task to satisfy terms of a contract, that may be overdue and which is contrary to specific actions
Subdivision:
A landed real estate divided into suitable sizes for residential and commercial buildings
Subordination:
A loan which is secondary in rank, in comparison to a first or primary mortgage: when raking is based on a initial or closing date basis
Survey:
Diagram of landed, real estate to show land boundaries in relation to other units of property around it
Sweat Equity:
All the work done by the owner of a business which are unpaid by any client to start or build a specific business, “sweat” meaning his own skill OR strength
Take Out Financing OR Loan:
A “payoff” loan that will pay loan from a construction after the building is complete
A Tax Lien:
Lien placed on property for non payment of taxes. See “Lien”
Tax Sale:
Government or Police auction of a property at a public auction
Tenancy at Sufferance:
Illegal tenancy established when a person who has exhausted their tenancy continues staying in a property without adequate lease renewal
Tenancy at Will:
Rent or lease contract where tenant can release himself or herself from the lease, but must leave whether he likes it or not, if the landlord requires him or her out, whether the lease contract has expired or not
Tenancy by the entirety:
A form of ownership whether in a joint property state or not, where the parties to a property each own the property jointly and ownership to a surviving owner (if one of the owners dies) is automatically transferred, without the need for a court appointed judge ruling or probate
Tenancy in Common:
Ownership rights to a property held by more than 2 persons or entities with each owners right independent and separate, and without any automatic survivorship right. At the death of one owner, the legal “estate” OR “will” NOT a surviving owner has the right to his or her share of the property
Title:
Legal claim to a property
Title Insurance:
An assurance measure to protect the lender against a counter claim on the property, other than the owner listed on the official title as recorded in the public registry. I rare cases the title may have legal defects creating a loophole allowing someone else to challenge legality of the current title holder
Time Share:
A contracted arrangement that allows multiple owners use a property for a period of time of their choosing. This is done on a rotational basis
Truth in Lending:
A federal act or law protecting borrowers from fraudulent, or defective disclosures by the lender. Truth in lending form is part of the mortgage package which must be made available to the borrower within three days of loan application
Underwriting:
Is the process of loan application verification for approval or denial. The process is guided by federal mortgage banking laws
Underwriting Fee:
Is the fee’s every loan applicant pays to the lender for processing the application
Underwriter:
Is the mortgage banking professional employed by the bank to verify loan applications, in line with federal, state and company regulations
Unpaid Principal Balance:
Total outstanding loan balance less interest
URLA-Uniform Residential Loan Application
Official mortgage loan application form
Veteran Administration (VA):
Is the federal government agency which administers benefits for veterans
VA Mortgage:
A benefit program for veterans allowing them to buy property with minimal or zero down payments
Variable Interest Rate:
Mortgage interest which fluctuates through the life of the loan, in response to the real estate and financial market
Variable Rate Mortgage:
A mortgage rate which fluctuates at different periods of the loan term
Walk through Inspection:
Is a provision which allows you inspect the house in its complete and livable condition before signing the closing documents
Warranty:
Guarantee or Assurance that the terms of the mortgage contract will be adhered to and fulfilled
