Glossary

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sales contract

A written agreement stating the terms of the sale agreed to by both buyer and seller.

secondary mortgage market

Buying and selling of existing mortgage loans, designed to provide additional liquidity for lenders.

security interest

An interest that a lender takes in the borrower's property to assure repayment of a debt.

servicing a loan

The ongoing process of collecting your monthly mortgage payment, including accounting for and payment of your yearly tax and/or homeowners insurance bills.

servient tenement

Property that is subject to use by another for a specific purpose.

setback

The distance a building must be set back from the property lines in accordance with local zoning ordinances or deed restrictions.

simple interest

Interest computed only on the principal balance.

special warranty deed

A warranty deed which, instead of warranting the title from sovereignty of the soil to the last grantee, merely warrants the title against every person whomsoever lawfully claiming or to claim the same, or any part thereof, by, through or under the grantor.

specific lien

A claim that only applies to or affects a certain property or group of properties.

specific performance

Carrying out of the precise terms agreed upon in a contract.

Statute of Frauds

The law which requires among other things, that all contracts transferring real estate, must be in writing.

These terms and their presence on this site are not intended as, nor should they be used as, legal advice. You should always obtain advice from a licensed attorney for all legal matters.