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The method of evaluating a property's value by
comparing it to actual sales prices and values of comparable
properties
Sale-leaseback
A transaction in which a seller deeds property
to a buyer for a consideration, and the buyer simultaneously leases the
property back to the seller
SBA
Abbreviation for the Small Business
Administration
Second mortgage, or junior
mortgage
A mortgage whose claim to repayment is of lesser
priority than another, previously recorded mortgage, usually or shorter term
and often at higher interest
Secondary market
Agents or agencies that buy mortgages from
primary lenders, usually at discounted prices, to sell to
investors
Section, or Section of
land
A parcel of land measuring one square mile or
640 acres
Set Back Lines
The distance designated by zoning regulations
that is required between the perimeter of a property and where structures can
be positioned
Secured loan
A loan guaranteed by collateral
Security
The property pledged as collateral for a loan or
mortgage
Seller take-back
A contract whereby the seller of a property
provides financing, sometimes as part of an assumable mortgage
Severalty, or Sole
ownership
Ownership of real property by only one
individual
Special assessment
An additional tax imposed by the government
against specific parcels of real estate that will benefit from a public
improvement, such as a street
Special warranty deed
An agreement whereby the current owner/seller
guarantees he has done nothing that would impair or cloud title, but does not
make any guarantee for what occurred prior to his ownership of the
property
Specific performance
A legal action that requires a party to honor
the terms of a contract
Statute of limitations
The time period allowed for the filing of a
legal suit to enforce a claim, after which any such claims are
barred
Step-rate mortgage
A loan that allows for the interest rate to
increase in increments according to a designated schedule for a specified
period of time, at the end of which, the interest rate returns to a constant
percentage
Subagent
An individual or party who is employed by
someone already acting as an agent
Subdivision
A tract of property that is divided into streets
and individual lots
Subject to
Taking ownership of a property with a lien
(legal claim or charge) against it, but not assuming responsibility for the
said lien, while the holder who forecloses the lien can take the property, but
may not collect money from the owner who took "subject to"
Subsidized second
mortgage
An alternative financing option for low- and
moderate-income households, issued by a state or county housing foundation,
agency or nonprofit corporation, whereby the buyer can purchase a first
mortgage with a subsidized second mortgage behind it; payment on the second
mortgage is often deferred and carries a low or no interest rate, and a portion
of the mortgage may be forgiven incrementally for each year the buyer resides
in the home
Survey
The process of determining property areas, by
measuring its dimensions, lot lines and other physical features Also, the
map that results from such measurements taken
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Pricing >If the Price Is Not Right
A real estate agent has shown you a house that you like a lot. There is only one problem--the price seems too high. In a situation like this, you can still make an offer that you feel is appropriate.
The real estate agent cannot tell you how much to offer, but he or she can give you information about the selling prices of similar homes in the area. The agent will present your offer to the sellers. They have three choices--they can accept, reject, or counter your offer.
If the house is a new listing, or if your offer is very low, they may decide to hold out for something better. Sellers frequently build a little negotiating room into their asking price. Prices that are not negotiable at the beginning of a listing period may become flexible as time goes on. If you want to test the sellers' flexibility, make them an offer.
Leigh Hill Weichert Realtors 142 Main Street Chester New Jersey 07930 Leigh Hill's Cell : 908-256-2364 E-Fax : 1-888-859-0247 E-Mail: leighHill@aol.com
The Leigh Hill Team is dedicated to providing the best possible professional service in the real estate industry for the past 30 years. Leigh, A NJ MILLION DOLLAR GOLD CLUB Award winner for 7 years, Leigh Hill's priorities include a high degree of quality-executed sales for her and Maria's clients. Leigh and Maria are responsible for some of the most prestigious residential developments,and single family homes in Morris and Somerset County. Their knowledge, honesty and commitment to results are the foremost reasons for their continued success. Contact "The Leigh Hill Team" for all of your real estate needs in Northwest New Jersey.
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