- A technique in which a seller deeds property to a buyer for a consideration, and the
buyer simultaneously leases the property back to the seller.
- second mortgage
- A mortgage that has a lien position subordinate to the first mortgage.
- secondary market
- The buying and selling of existing mortgages, usually as part of a “pool” of
- secured loan
- A loan that is backed by collateral.
- The property that will be pledged as collateral for a loan.
- seller carry-back
- An agreement in which the owner of a property provides financing, often in combination
with an assumable mortgage.
- 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.
- The collection of mortgage payments from borrowers and related responsibilities of a
- settlement statement
- See HUD1 Settlement Statement
- A housing development that is created by dividing a tract of land into individual lots
for sale or lease.
- subordinate financing
- Any mortgage or other lien that has a priority that is lower than that of the first
- A drawing or map showing the precise legal boundaries of a property, the location of
improvements, easements, rights of way, encroachments, and other physical features.
- sweat equity
- Contribution to the construction or rehabilitation of a property in the form of labor
or services rather than cash.