Glossary of Terms: S

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
Click Here to Download Complete Glossary PDF

 

Satisfaction of Mortgage:
The recorded instrument provided by the lender verifying payment in full of the mortgage debt.

Second Home:
A residence not being the primary residence of the borrower, and which the borrower intends to occupy for a portion of the year.

Secondary Mortgage Market:
The market in which existing mortgages and mortgage-backed securities are bought and sold.In contrast to primary mortgage market where mortgages are originated.

Second Mortgage:
A mortgage that has rights which are subordinate to the first mortgage.

Security Instrument:
A written document (mortgage, deed of trust or land contract) that is used as collateral, or security, for the loan.

Seller Contributions:
Payment made by the seller, or any other interested third parties, to contribute to the closing costs, prepaid expenses, discount points and other financing concessions.

Service Charge:
The fee charged for specific services, or as a penalty, such as overdraft in a checking account.

Settlement:
The meeting between the buyer, seller and lender at which the sale of the property is completed. The property and funds legally change hands at this time. Also known as the closing.

Settlement Costs:
Money paid by borrowers and sellers when transferring ownership of property. These costs include title search and insurance, origination fee, recording fees, appraisal fee, survey, taxes, escrow and pre-paid items. Also known as closing costs.

Single-family Residence (SFR):
A detached, individual residential building or unit. This can be part of a Planned Unit Development (PUD) but does not share common ground or walls with neighboring units.

Survey:
A measure of land prepared by a registered surveyor showing the precise location of land using reference points, its dimensions and the location and dimensions of improvements.

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
Click Here to Download Complete Glossary PDF