| Sales Agreement | See agreement of sale. |
| Satisfaction of Mortgage | Document issued by mortgagee when the mortgage is paid off. |
| Second Home | Commonly known as a vacation home. This home is not rented and is occupied occasionally by the owners. |
| Second Mortgage | A mortgage that has rights that are subordinate to the rights of the first mortgage holders. |
| Secondary Financing | A loan secured by a mortgage or trust deed, which lien is junior to another mortgage or trust deed. |
| Secondary Market | The buying and selling of mortgage notes between sophisticated investors such as pension funds, commercial banks, savings and loans and wall street firms. |
| Secondary Market Investor | An entity, such as FNMA or FHLMC, that buys mortgage loans for investment or sells them again to another secondary market investor. Secondary market investors do not service loans and do not collect payments from borrowers. |
| Secondary Mortgage Market | The buying and selling of first mortgages of trust deeds by banks, insurance companies, government agencies, and other mortgagers. |
| Security | Real or personal property pledged by a borrower as additional protection for the lender's interest. |
| Seller's Broker | Agent who takes the seller as a client, is legally obligated to a set of fiduciary duties and is required to put the seller's interests above all other's. |
| Seller-Provided Funds | (Also called Seller Contributions). Seller-provided funds include all transaction cost paid by the seller except the real estate agent's (or brokers) fee. |
| Septic Tank | An Underground tank in which sewage from the house is reduced to liquid by bacterial action and drained off. |
| Servicer | The party who has entered into an agreement with the insured to service a loan. |
| Set Back Ordinance | Regulates the distance from the lot line to the point where improvements may be constructed. |
| Settlement | See closing. |
| Settlement Cost a HUD Guide | This booklet gives an overview of the lending process and is required by HUD. It is provided to consumers after the loan application is completed. |
| Settlement Premium | A premium, which provides coverage for more than a year. empty) |
| Settlement Statement | A statement prepared by broker, escrow or lender giving a complete breakdown of the cost associated with a real estate transaction. |
| Sheriff's Deed | A deed given at the sheriff's sale in foreclosure of a mortgage. |
| Single Family Detached Home | A residential home that is not attached physically to another home. |
| Special Assessment | A special tax imposed on property, individual lots or all property in the immediate area, for road construction, sidewalks, sewers, street lights, etc. |
| Special Lien | A lien that binds a specified piece of property, unlike a general lien, which is levied against all one's assets. It creates a right to retain something of value belonging to another person as compensation for labor, material, or money expended in that person's behalf. In some localities it is called particular lien or specific lien. (See lien). |
| Special Warranty Deed | A deed in which the grantor conveys title to the grantee and agrees to protect the grantee against title defects or claims asserted by the grantor and those persons whose right to assert a claim against the title arose during the period the grantor held title to the property. In a special warranty deed the grantor guarantees to the grantee that he has done nothing during the time he held title to the property which has, or which might in the future, impair the grantee's title. |
| Specific Performance | Lawsuit requesting that a contract be exactly carried out, usually asking that the seller be ordered to convey the property as previously agreed. |
| Standard Uniform Application | An application developed by FNMA and FHLMC that is widely used in the mortgage industry. |
| State and Local Housing Programs | Unique housing finance programs to assist first time home buyers and low to moderate housing groups. Each state and local group has different sets of criteria. |
| Statute of Fraud | The law requires that certain contracts, such as agreements of sale, to be in writing in order to be enforceable. |
| Statutory Lien | An involuntary lien, includes tax liens, judgment liens, mechanic liens, etc. |
| Substitute of Trustee | A document which is recorded to change the trustee under the deed of trust. |
| Survey | Map or plat made by a licensed surveyor who measures land and charts its boundaries, improvements, and relationship to the property surrounding it. A survey is often required by the lender to assure him that a building is actually sited on the land according to its legal description. |
| Survivorship | All rights of a joint tenant passes to the surviving joint tenant. |
| Sweat Equity | Equity created by the labor of the purchaser or borrower that increases the value of the property. |
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