A-Af  Ag-Az  B  C  D  E  F  G  H  I  JK  L  M  N  O  P  QR  Sa-Sh  Si-Sz T  U  V  WXYZ

Real Estate Dictionary Sa-Sh

"sales agreement" - "short sale"

We try to provide as much information as possible to buyers of Ocala Real Estate. These terms and definitions apply pretty much nation wide, and we try to update with terms specifically relating to Florida Real Estate as soon as we come across something we've missed. We welcome your comments and suggestions!

SALE AGREEMENT AKA PURCHASE AGREEMENT:
The contract that sets out the terms and conditions agreed to by the purchaser and the vendor in the sale of land.

SALE AND LEASEBACK or SALE-LEASEBACK:
A situation whereby the owner of a piece of property wishes to sell the property and retain occupancy by leasing it from the buyer.

SALE OF PERSONAL RESIDENCE BY ELDERLY:
An income tax forgiveness program on capital gains realized by the elderly on the sale of their homes.

SALE PRICE AKA PURCHASE PRICE:
The monetary amount paid by the purchaser to the vendor for the property under the agreement.

SALES ASSOCIATE:
A real estate professional in the employ of another such real estate professional.

SALES COMPARISON APPROACH:
Method of estimating value of a property by comparing similar properties that have been sold recently.

SALES CONTRACT:
A contract by which buyer and seller agree to "terms of sale".

SALESMAN:
A natural person employed by a broker to do real estate acts for compensation or in expectation of compensation.

SANDWICH LEASE:
A leasehold interest which lies between the primary lease and the operating lease.

SATELLITE TENANT:
A smaller shop in a mall.

SATISFACTION:
Discharge of mortgage, trust deed or judgment lien from the records upon payment of the evidenced debt.

SATISFACTION OF MORTGAGE:
Written evidence from the lender that a loan has been paid out in full and the borrower released from any obligation to the lender.

SAVINGS AND LOAN ASSOCIATION (S&L):
Another form of mortgage lender.

SAVINGS ASSOCIATION INSURANCE FUND (SAIF):
The Federal Deposit Insurance Corporation (FDIC) insurance fund for deposits in savings and loan associations.

SCARCITY:
The number of properties in relation to the demand. One of the four essential elements which create value.

Return to top

SCENIC EASEMENT:
A right to the use of land which is given for the purpose of ensuring that the land is never developed and the natural beauty of the area is, as a result, preserved.

SCHEDULE:
A document attached to an instrument for registration or to a contract or agreement, which may contain information required in the instrument or extra terms of the contract.

SCHEDULED MORTGAGE PAYMENT:
The periodic payment the borrower is obliged to pay on a loan.

SEAL:
An impression made to attest the execution of an instrument.

SEARCH:
An investigation, a review of public records for problems, concerns or simply for information. See TITLE SEARCH.

SEASONED LOAN:
A loan that has been in existence long enough to show a pattern of payments.

SEASONED MORTGAGE:
An old loan under which the borrower has proven to be capable of meeting loan obligations.

SECOND:
One sixtieth of a minute which is one sixtieth of a degree which is one 360th of a circle. Used in metes and bounds descriptions when astronomic bearings are used to describe directions.

SECOND MORTGAGE:
A mortgage loan which is registered on title after another mortgage (the first mortgage) and, therefore, is behind the first mortgage in priority. In the event of default and sale of the property, the second mortgagee will only be paid if there are funds left after the payment of the first mortgagee.

SECONDARY FINANCING:
A loan secured by a junior mortgage or trust deed on real property.

SECONDARY MARKET:
The purchase and sale of mortgages among lenders.

SECONDARY MORTGAGE MARKET:
Place where existing loans are bought and sold.

SECTION:
Section of land is established by government survey and contains 640 acres.

SECURED PARTY:
This is the party having the security interest. Thus, the mortgagee, the conditional seller, the pledgee, etc., are all now referred to as the secured party.

SECURITY:
An asset held as a guarantee of payment of a loan.

SECURITY AGREEMENT:
An agreement between the secured party and debtor which creates the security interest.

SECURITY DEPOSIT:
Money held by the landlord to ensure the tenant meets his obligations under the lease.

SECURITY DEVICE:
Document used when property is used as security for a loan. Trust deed, mortgage, land contract.

SECURITY INTEREST:
A term designating the interest of the creditor in the property of the debtor in all types of credit transactions. It, thus, replaces such terms as the following: chattel mortgage, pledge, trust receipt, chattel trust, equipment trust, conditional sale, inventory lien, etc.

SEE-THROUGH BUILDING:
Slang term for a property which is mostly empty of tenants.

SELF-AMORTIZING MORTGAGE LOAN:
A loan which will be paid off by the end of its term, such that its term equals its amortization period.

SELLER FINANCING:
Also known as vendor take-back mortgage or mortgage back, where the seller of a property agrees to payment of part of the purchase price over time with the debt to the seller registered on title as a mortgage.

SELLER'S MARKET:
Demand is greater than supply, such that the vendor may demand a higher price.

SELLER-TAKE-BACK:
See Seller Financing.

SELLING AGENT:
The real estate professional who brings the eventual purchaser to the property and the vendor. As opposed to "listing agent".

Return to top

SEMIANNUAL:
Occurring twice per year.

SEMI-DETACHED HOUSING:
A dwelling that shares one side wall with another dwelling.

SEPARATE PROPERTY:
Property owned by a husband and wife which is not community property; property acquired by either spouse prior to marriage or by gift or devise after marriage.

SEPTIC SYSTEM:
A manner of dealing with sewage of a dwelling, through pipes into a septic tank.

SERIOUS DELINQUENCY:
The condition of being far behind in mortgage payments such that mortgage enforcement by the lender is imminent.

SERVICING (THE LOAN):
The act of collecting periodic payments toward a debt.

SERVICING FEE:
The fee charged to the borrower for the lender's costs of collecting payments and administering a loan.

SERVIENT ESTATE:
The piece of land which is subject to an easement. As opposed to the "dominant estate".

SERVIENT TENEMENT:
Property burdened by an easement.

SETBACK ORDINANCE:
An ordinance prohibiting the erection of a building or structure between the curb and setback line.

SETTLEMENT BOOK:
An information pamphlet given by lender to borrower which explains the process of the loan, settlement of the loan, etc.

SETTLEMENT COSTS:
See CLOSING COSTS.

SETTLEMENT SHEET:
The information sheet which sets out the allocation of funds on closing.

SEVER:
To divide one piece of property from another to be sold or used separately.

SEVERALTY:
Ownership of land by an individual.

SEVERALTY OWNERSHIP:
Owned by one person only. Sole ownership.

SEVERANCE:
The word for the act of dividing one property from another or splitting a property into pieces.

SHARED APPRECIATION MORTGAGE (SAM):
A loan arrangement which allows the lender to share, in exchange for a reduced interest rate, in any gain in the value of the property against which the mortgage is secured.

SHELL LEASE:
A rental agreement wherein the tenant rents the incomplete building and agrees to complete the interior work, such as plumbing, wiring, interior walls, floors, etc.

SHERIFF:
Enforcement officer in a jurisdiction, person charged with the responsibility of enforcing writs and liens against people.

SHERIFF'S DEED:
Deed given by court order in connection with the sale of property to satisfy a judgment.

SHERIFF'S SALE:
The forced sale of a property to satisfy a debt or judgment.