Real Estate Glossary
- Second Mortgage - An additional loan imposed on property with a first mortgage. Generally at a higher interest rate and shorter terms than a "first" mortgage.
- Settlement - Another name for closing.
- Special Assessments - A tax for a specific purpose such as providing paved or new sewers. People whose properties about the improved streets or tie into the new sewer system must pay the tax.
- Special Forbearance - A loss mitigation option where the lender arranges a revised repayment plan for the borrower that may include a temporary reduction or suspension of monthly loan payments.
- Subordinate - To place in a rank of lesser importance or to make one claim secondary to another.
- Survey - A property diagram that indicates legal boundaries, easements, encroachments, rights of way, improvement locations, etc.
- Sweat Equity - Using labor to build or improve a property as part of the down payment.