Panama City Real Estate - Glossary Index

Panama City Real Estate

Glossary - S

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.

Sales proceeds after tax

The sale proceeds before tax minus the tax liability on the sale.

Sale(s) procedes before tax

The sale price minus the sale costs and the mortgage loan balance.

Second mortgage

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

Secondary mortgage market

The buying and selling of existing mortgages.

Secured loan

A loan that is backed by collateral.

Security

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

Seller take-back

An agreement in which the owner of a property provides financing, often in combination with an assumable mortgage. See owner financing.

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

See closing.

Settlement sheet

See HUD-1 statement.

Short Sale

A ‘short sale” is where the lender will accept less money than the total amount due on the mortgage note at that time.

Single-family properties

One- to four-unit properties including detached homes, townhomes, condominiums and cooperatives.

Sinking fund

A fund designed to accumulate a designated amount of money over a specified period of time. The periodic amount of money deposited plus compound interest will accumulate to the designated amount of money over the specified period of time.

Situs

The location of a property.

Special deposit account

An account that is established for rehabilitation mortgages to hold the funds needed for the rehabilitation work so they can be disbursed from time to time as particular portions of the work are completed.

Square Feet

The usual method by which rental space is defined. It is the area of that space, calculated by taking length times width. For example, a room 30 feet by 60 feet has an area of 1,800 square feet.

Specific Performance

When a court requires a defendant to carry out the terms of an agreement or contract.

Standard payment calculation

The method used to determine the monthly payment required to repay the remaining balance of a mortgage in substantially equal installments over the remaining term of the mortgage at the current interest rate.

Statute

A law established by an act of a legislature.

Statute of Frauds

State law (founded on ancient English law) which requires that contracts must be reduced to written form if it is to be enforced by law.

Statute of Limitations

A law barring all right of redress after a certain period of time from the moment when a cause of action first arises.

Step-rate mortgage

A mortgage that allows for the interest rate to increase according to a specified schedule (i.e., seven years), resulting in increased payments as well. At the end of the specified period, the rate and payments will remain constant for the remainder of the loan.

Step-up lease

A lease in which the rental amount paid by the lessee increases by a preset rate or set dollar amount at predetermined intervals. A step lease is a means for the lessor to hedge against inflation and future maintenance or operational expenses.

Subagent

An agent of an individual already acting as an agent of a principal.

Subdivision

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

Subletting

The leasing of space from one tenant to another tenant.

Submarket

A segment or portion of a larger geographic market defined and identified on the basis of one or more attributes that distinguish it from other submarkets or locations.

Subordinate financing

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

Subscribing Witness

The witness to the execution of an instrument who has written his name as proof of seeing such execution.

Subsidized second mortgage

An alternative financing option known as the Community Seconds® mortgage for low- and moderate-income households. An investor purchases a first mortgage that has a subsidized second mortgage behind it. The second mortgage may be issued by a state, county, or local housing agency, foundation, or nonprofit corporation. Payment on the second mortgage is often deferred and carries a very low interest rate (or no interest rate). Part of the debt may be forgiven incrementally for each year the buyer remains in the home.

Super Regional center

A retail property type similar to regional centers, but because of its larger size, a superregional center has more anchors, a deeper selection of merchandise, and draws from a larger population base. As with regional centers, the typical configuration is as an enclosed mall, frequently with multilevels.

Surrender

The cancellation of a lease by mutual consent of the tenant and the landlord.

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.

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Counts Real Estate Group, Inc.
3009 Highway 77, Suite H
Panama City, Florida 32405
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