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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
Is there a real estate word that we failed to explain here in our dictionary for homebuyers and sellers? Let us be your personal real estate dictionary! we will send a brief explanation of any word or term that you encounter when buying and selling property.
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Cosmetic Improvements >Kitchen Clutter
The kitchen is usually very important to prospective buyers. Your kitchen may not be new and state-of-the-art, but it should look its best.
Your kitchen should be spotlessly clean and well organized while your home is on the market. The counter tops should be clean and free of clutter, and the floor should shine. Appliances should be clean and in good working order. You may want to add a few decorator touches or replace cabinets, flooring, and even appliances for a small investment. Dollars spent on kitchen improvements usually pay major dividends when you sell your home. If you are planning to sell your home and need some advice in this area, an agent will be happy to discuss your options with you.
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 clients. Leigh is 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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