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.
second mortgage A mortgage that has a lien position subordinate to the first mortgage.
secondary market The buying and selling of existing mortgages, usually as part of a "pool" of mortgages.
secured loan A loan that is backed by collateral.
security The property that will be pledged as collateral for a loan.
seller carry-back An agreement in which the owner of a property provides financing, often in combination with an assumable mortgage.
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 statement See HUD1 Settlement Statement
subdivision A housing development that is created by dividing a tract of land into individual lots for sale or lease.
subordinate financing Any mortgage or other lien that has a priority that is lower than that of the first mortgage.
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.
T
tenancy in common As opposed to joint tenancy, when there are two or more individuals on title to a piece of property, this type of ownership does not pass ownership to the others in the event of death.
third-party origination A process by which a lender uses another party to completely or partially originate, process, underwrite, close, fund, or package the mortgages it plans to deliver to the secondary mortgage market.
title A legal document evidencing a person's right to or ownership of a property.
title company A company that specializes in examining and insuring titles to real estate.
title insurance Insurance that protects the lender (lender's policy) or the buyer (owner's policy) against loss arising from disputes over ownership of a property.
title search A check of the title records to ensure that the seller is the legal owner of the property and that there are no liens or other claims outstanding.
transfer of ownership Any means by which the ownership of a property changes hands. Lenders consider all of the following situations to be a transfer of ownership: the purchase of a property "subject to" the mortgage, the assumption of the mortgage debt by the property purchaser, and any exchange of possession of the property under a land sales contract or any other land trust device.
transfer tax State or local tax payable when title passes from one owner to another.
Treasury index An index that is used to determine interest rate changes for certain adjustable-rate mortgage (ARM) plans. It is based on the results of auctions that the U.S. Treasury holds for its Treasury bills and securities or is derived from the U.S. Treasury's daily yield curve, which is based on the closing market bid yields on actively traded Treasury securities in the over-the-counter market.
Truth-in-Lending A federal law that requires lenders to fully disclose, in writing, the terms and conditions of a mortgage, including the annual percentage rate (APR) and other charges.
two-step mortgage An adjustable-rate mortgage (ARM) that has one interest rate for the first five or seven years of its mortgage term and a different interest rate for the remainder of the amortization term.
two- to four-family property A property that consists of a structure that provides living space (dwelling units) for two to four families, although ownership of the structure is evidenced by a single deed.
trustee A fiduciary who holds or controls property for the benefit of another.
U
NO DEFINITIONS YET
Dazcon Properties Postal Address 135 Gallery Center Drive PO Box 4703 Mooresville, NC 28117 Mooresville, NC 28117 Phone: (704) 799-7510 Fax: (704) 799-7512 Email: mailto:info@Dazcon.com
PRIVACY POLICY Dazcon Properties is the sole owner of the information collected on this site. Dazcon Properties nor the team associates will sell, share, or rent this confidential information to others. Your privacy is the primary issue for Dazcon Properties.
CONTACT POLICY By submitting personal information such as name, address, phone number, email address and/or additional data, the real estate client/prospect consents that Dazcon Properties or their authorized representative may contact client/prospect by phone, U.S. Postal System, or e-mail whether or not client/prospect is participating in a state or federal or other "do not contact" program of any type.
