Sale-Buyback
-
A financing arrangement in which an investor buys property from
a developer and immediately sells it back under a long-term sales
agreement, wherein the investor retains legal title.
Sale-Leaseback
-
A financing arrangement whereby an investor purchases real estate
owned and used by a business corporation, then leases the property
back to the business.
Secondary
Mortgage Market -
A market where mortgage originators may sell them, freeing up funds
for continued lending and distributes mortgage funds nationally
from money-rich to money poor areas.
Second
Mortgage -
A mortgage that has a lien position subordinate to the first mortgage.
Secured
Loan -
A loan that is backed by collateral.
Security
-
Something given, deposited, or pledged to make secure the fulfillment
of an obligation, usually the repayment of a debt.
Seller
Carry-Back -
An agreement in which the owner of a property provides financing,
often in combination with an assumable mortgage.
Senior
Loan -
A real estate loan in first priority position.
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.
Settlement
Costs -
See Closing Costs.
Sinking
Fund -
Monies deposited in advance in anticipation of satisfying a debt
in the future.
Stop
Date -
Date on a term loan when the balloon payment is due.
Subordinate
Financing -
Any mortgage or other lien that has a priority lower than that of
the first mortgage, or senior loan. See second mortgage.
Survey
-
A drawing or map the shows the precise legal boundaries of a property,
the location of improvements, easements, rights of way, encroachments,
and other physical features.
Sweat
Equity -
Increase in property value due to improvement by owners.
