Satisfaction of Mortgage
A document signed by a lender acknowledging that a mortgage has been fully paid. It must be recorded with the County Recorder (or Recorder of Deeds) to clear the title to the real property owned by the person who paid off the debt. |
| |
Second Mortgage
A loan, which ranks in priority after the first mortgage. |
| |
Seller Financing
A property purchase that is partly or wholly financed by the seller. |
| |
Seller’s Market
A market in which demand exceeds supply. As a result, consumers have to pay a higher price. |
| |
Selling Agent (Broker)
Licensed real estate broker who completes the sale of a property. |
| |
Separate Property
The property owned by one spouse which he/she acquired: a) before marriage, b) by inheritance, c) as a gift, d) assets traceable to other separate property such as money received from sale of a house owned before marriage, and e) property the spouses agree is separate property. State laws vary, but basically separate property can be controlled by the spouse owning it. The laws of descent applied to separate property and right to give separate property by will differ from the treatment of community property. Example: a child may inherit part of one spouse's separate property if there is no will, while community property would pass automatically to the spouse. Upon divorce community property is divided equally, while a separate property is kept by the owner without division with the other spouse. |
| |
Septic System
A domestic wastewater treatment system (consisting of a septic tank and a soil absorption system) into which wastes are piped directly from the home; bacteria decomposes the waste, sludge settles to the bottom of the tank, and the treated effluent flows out into the ground through drainage pipes. |
| |
Settlement Costs
All the expenses necessary to complete a real estate transaction, e.g. lender fees, appraisal fees, title insurance, etc. |
| |
Single Family House
A house, which is not a part of a PUD or a condominium. |
| |
Stamp Tax
A tax collected by governments on the sale or transfer of property. |
| |
Starter Home
A property for a first-time buyer. A small property suitable for someone who is buying a home for the first time. |
| |
Subdivision
A housing development that is created by dividing a large tract of land into smaller, individual lots for sale or lease. |
| |
Suit
A comprehensive term for any proceeding in a court of law whereby an individual seeks a legal remedy. |
| |
Survey
A drawing or map that shows the precise legal boundaries of a property, the location of improvements, easements, rights of way, encroachments, and other physical features. |
| |
