Glossary of Real Estate Terms

sale-leaseback
A technique in which a seller deeds property to a buyer for a consideration, and the buyer simultaneously leases the property back to the seller.

second mortgage
A mortgage that has a lien position subordinate to the first mortgage.

secondary market
The buying and selling of existing mortgages, usually as part of a "pool" of mortgages.

secured loan
A loan that is backed by collateral.

security
The property that will be pledged as collateral for a loan.

seller carry-back
An agreement in which the owner of a property provides financing, often in combination with an assumable mortgage.

servicer
An organization that collects principal and interest payments from borrowers and manages borrowers’ escrow accounts. The servicer often services mortgages that have been purchased by an investor in the secondary mortgage market.

servicing
The collection of mortgage payments from borrowers and related responsibilities of a loan servicer.

settlement statement
See HUD1 Settlement Statement

square footage difinitions:
Square Footage Definitions for Denver:
1. Square Feet: A required field that includes all partially or completely above grade square footage. This includes the finished and unfinished square footage of the main, upper and lower levels. Basement square footage is prohibited from inclusion in the Square Feet field.
2. Total Square Feet (Total Sq Ft): A required MLS field that represents the finished and unfinished square footage of all levels, including the main, upper, lower and basement.
3. Finished Square Feet (Finished Sq Ft Total): A required MLS field that represents all finished main, upper, lower and basement square footage.
4. Main Level: The level at front grade or partially above front grade.
5. Upper Level: All levels above main level (e.g., 2nd floor, 3rd floor, etc.).
6. Lower Level: A level below main level that includes partially below grade living space (e.g., bi-level, tri-level, 4-level and raised ranch).
7. Basement: The lowest level of a building that rests on a below grade foundation (e.g., standard, traditional, cellar, walk-out and garden level). Basement square footage is prohibited from inclusion in the Square Feet field.

subdivision
A housing development that is created by dividing a tract of land into individual lots for sale or lease.

subordinate financing
Any mortgage or other lien that has a priority that is lower than that of the first mortgage.

survey
A drawing or map showing the precise legal boundaries of a property, the location of improvements, easements, rights of way, encroachments, and other physical features.

sweat equity
Contribution to the construction or rehabilitation of a property in the form of labor or services rather than cash.