9/6/2010
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Glossary
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21 glossary terms found
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Sales contract
A contract signed by the buyer and sellerthat details the terms of a home purchase.
Second mortgage
Another loan placed upon a piece of property.
Secondary mortgage market
A market of packaged home loans that are resold as securities to investors. Major players are Fannie Mae and Freddie Mac.
Secured loan
Any loan backed by collateral.
Security
A piece of property designated as collateral.
Setback
The minimum distance a house or buildings must be from the lot line.
Settlement statement
A document that details who has paid what to whom.
Shared-appreciation mortgage
A loan that allows a lender or other party to share in the borrower's profits when the home is sold.
Shared-equity transaction
A transaction in which two buyers purchase a property, one as a resident co-owner and the other as an investor co-owner.
Soils test
A test of the subsoil to ensure that foundations can be safely constructed.
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