Category: Glossary

Survey | The process by which a parcel of land is measured and its boundaries and contents set forth.

Subject To | The transfer of rights to pay a debt from one party to another, with the original party remaining liable for the debt if the second party defaults.

Simultaneous Closing | The term “simultaneous closing” refers to two closings occurring simultaneously, or at the same time. This is a creative technique used when traditional financing will not work.

Short Sale | The sale of a property under or at market value that’s lower than the loan balance.

Sheriff’s Sale | The sale of a property to satisfy a debt or judgment.

Sellers Market | When the market conditions are such that the sellers have the advantage and multiple offers are made.

Seller Financing | A creative method in real estate where the seller of a property agrees to finance all or some of the property. In a sense, the owner acts like a bank.

Second Mortgage | A second loan placed upon a property in addition to an existing first loan.

Sales Contract | A contract to which the buyer and seller agree to terms of sale.

Redemption Period | The time allotted to the mortgagor to reclaim his/her property after it has been sold at an auction. Not all states have a redemption period.