| Sales Comparison Approach
The method of evaluating a property's value by comparing it to actual sales prices and values of comparable properties Sale-leaseback A transaction in which a seller deeds property to a buyer for a consideration, and the buyer simultaneously leases the property back to the seller SBA Abbreviation for the Small Business Administration Second Mortgage, or Junior Mortgage A mortgage whose claim to repayment is of lesser priority than another, previously recorded mortgage, usually or shorter term and often at higher interest Secondary Market Agents or agencies that buy mortgages from primary lenders, usually at discounted prices, to sell to investors Section, or Section of Land A parcel of land measuring one square mile or 640 acres Set Back Lines The distance designated by zoning regulations that is required between the perimeter of a property and where structures can be positioned Secured Loan A loan guaranteed by collateral Security The property pledged as collateral for a loan or mortgage Seller Carry-back An agreement in which the owner of a property provides financing, often in combination with an assumable mortgage. Seller Take-back A contract whereby the seller of a property provides financing, sometimes as part of an assumable mortgage Settlement Statement See HUD1 Settlement Statement Severalty, or Sole Ownership Ownership of real property by only one individual Special Assessment An additional tax imposed by the government against specific parcels of real estate that will benefit from a public improvement, such as a street Special warranty deed An agreement whereby the current owner/seller guarantees he has done nothing that would impair or cloud title, but does not make any guarantee for what occurred prior to his ownership of the property Specific Performance A legal action that requires a party to honor the terms of a contract Statute of Limitations The time period allowed for the filing of a legal suit to enforce a claim, after which any such claims are barred Step-rate Mortgage A loan that allows for the interest rate to increase in increments according to a designated schedule for a specified period of time, at the end of which, the interest rate returns to a constant percentage Subagent An individual or party who is employed by someone already acting as an agent Subdivision A tract of property that is divided into streets and individual lots Subject to Taking ownership of a property with a lien (legal claim or charge) against it, but not assuming responsibility for the said lien, while the holder who forecloses the lien can take the property, but may not collect money from the owner who took "subject to" Subordinate Financing Any mortgage or other lien that has a priority that is lower than that of the first mortgage. Subsidized Second Mortgage An alternative financing option for low- and moderate-income households, issued by a state or county housing foundation, agency or nonprofit corporation, whereby the buyer can purchase a first mortgage with a subsidized second mortgage behind it; payment on the second mortgage is often deferred and carries a low or no interest rate, and a portion of the mortgage may be forgiven incrementally for each year the buyer resides in the home Survey The process of determining property areas, by measuring its dimensions, lot lines and other physical features Also, the map that results from such measurements taken 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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