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Term Definition
Sale Leaseback
The sale of a property by the seller with a simultaneous leasing of the same property by the seller.

Sandwich Lease
The combination of a lease held by a lessee (tenant) who becomes a lessor (landlord) by subletting to another lessee (subtenant), in which the sandwich leaseholder is not the owner nor the user of the property.

Seasoning
A period of time in which a loan has been in force for, thus establishing the borrower's payment history. Loans are usually considered to be seasoned after either six months or one year.

Second Mortgage
A mortgage recorded after another mortgage has already been recorded and not yet released, and is subordinate to the first mortgage.

Section 1031
The Internal Revenue Code section that deals with tax-free exchanges of like-kind property.

Section 8
Privately owned rental units that participate in the Federal low-income rental assistance program created by 1974 amendments to Section 8 of the 1937 Housing Act.

Security Deposit
The cash payment required by landlord to be held for the term of the lease to offset potential damages to the property due to actions of the tenant.

Seller Financing
See Owner Financing.

Settlement Statement
Known also as a Closing Statement or HUD-1. See Closing Statement.

Short Sale
The sale of a property in which the proceeds of the sale fall short of what the owner still owes on the mortgage. Many lenders will agree to accept the proceeds of a short sale and write off the remainder of what is owed on the mortgage if the owner is unable to make the mortgage payments. By accepting a short sale, the bank can avoid a lengthy and costly foreclosure, having to take possession of the property, and the owner is able to pay off the loan for less than what is owed.

Special Warranty Deed
A deed in which the title warranty given to the grantee by the grantor with the limits of not warranting against title defects arising from conditions that existed before grantor owned the property.

Specific Performance
The legal action in which a court enforces the terms of a contract requiring a party to perform the actions of the contract.

Subject To
The title to a mortgaged real property is transferred to the buyer but the buyer is not personally liable for the payment of the amount due. However, the buyer must continue to make payments in order to keep the property.

Subordination
A clause or document permitting a mortgage recorded at a later date to recieve higher priority over an existing lien.

Survey
The process that measures a parcel of land and determines its area exactly.

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