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Real Estate Dictionary

Welcome > Resources > Real Estate Dictionary - A

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

S

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 take-back

A contract whereby the seller of a property provides financing, sometimes as part of an assumable mortgage

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"

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

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z



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Real Estate Tips

Home Inspections >Inspection Repairs

When you sell a house, the buyers will probably have a home inspection before they sign a contract to purchase the home. The inspector may turn up something that needs attention or repair, and after the inspection, the buyers may produce a list of items they want repaired as a condition for moving forward on the sale.

When you get the buyers' list, remember that some of the items may be negotiable. Sales contracts usually require that all the systems be in working condition. Some buyers may make requests that go beyond the normal obligations of the seller. They may ask for a new roof or certain structural repairs that you may not want to make. Your agent can help you to assess the risks of just saying "no" to buyers who are making demands you consider to be unreasonable. You may decide to decline the requests, but the buyers may also decide to back out of the deal as a result.

When you agree to make repairs, hire licensed professionals who will guarantee their work, and give copies of the reports to the buyers. Arrange to have the repairs made as far ahead of time to avoid last-minute complications which could compromise the transaction.

See All Tips In The "Home Inspections" Category >
See Complete Library Of Hundreds Of Tips In 30+ Categories >

Real Estate Trivia

Q 
What is the average age of a first-time homebuyer in the United States today?

A 
The average age of a first-time U.S. home buyer is 32 years.
See More Real Estate Trivia >

Mike and Amy King, REALTOR®, real estate agent and broker for Montgomery County, Howard County, Silver Spring, Rockville and Olney, Maryland home listings, property and land for sale - NUMBER1EXPERT

Mike and Amy King
King Real Estate, Inc.

15308 Morningmist Ln
Silver Spring, Maryland 20906
Office: 240-242-4346
Amy's cell: 301-467-1877
Mike's cell: 301-467-5677
David's cell: (301) 706-8254
Fax: 301-598-1446
Email: king@NUMBER1EXPERT.com
Real Estate License: 5191
Amy's email: amyking@mris.com
Mike's email: mking@mris.com
David's email: dnmarshall@hotmail.com

Amy & Mike King have 24 years of combined experience in the Real Estate, Mortgage and Home Building industries! Their specialty is Real Estate in Montgomery County, but also have extensive experience in Howard and Price Georges counties. They are #1 when it comes to helping families make a smooth transition when moving here. Amy & Mike are a successful team who work together with you and for you!

Equal Housing MLS REALTOR


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