Glossary |
Terms that are on use on this site.
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| There are 12 entries in the glossary. |
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| Satisfaction of Mortgage | Document that the mortgagee gives the mortgagor when the mortgage debt has been paid in full. This document should always be recorded. |
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| Secondary Mortgage Market | The market in which investors purchase real estate loans from lenders (Fannie Mae, Freddie Mac and Ginnie Mae). |
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| Section | A section is one mile square and contains 640 acres. There are 36 sections in a township. |
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| Setback Requirements | The distance from the property line that structures can be built per provisions in a zoning ordinance. |
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| Settlement | Closing. |
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| Settlement Statement | The document that gives a final, detailed accounting for a real estate transaction. It lists the seller's and buyer's debits and credits and the amount each will receive or be required to pay at closing. |
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| Sheriff's Sale | Foreclosure sale. |
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| Special Assessment | Tax levied against those properties that benefit from a public improvement to cover the cost of the improvement. |
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| Spot Zoning | Rezoning of one property or a small area within a neighborhood. |
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| Statute of Frauds | State law requiring certain types of contracts to be in writing and signed in order to be enforceable. |
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| Survey | Process of precisely measuring the boundaries and determining the area of a parcel of land. |
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| Survivorship, Right of | A surviving joint tenant automatically acquires a deceased joint tenant's interest in the property. |
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Glossary V2.0 |
Real Estate Terms