Real Estate Dictionary

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S

Sales comparison approach	The method of evaluating a property's value by comparing it to actual sales prices and values of comparable properties
Sale-leaseback	A transaction in which a seller deeds property to a buyer for a consideration, and the buyer simultaneously leases the property back to the seller
SBA	Abbreviation for the Small Business Administration
Second mortgage, or junior mortgage	A mortgage whose claim to repayment is of lesser priority than another, previously recorded mortgage, usually or shorter term and often at higher interest
Secondary market	Agents or agencies that buy mortgages from primary lenders, usually at discounted prices, to sell to investors
Section, or Section of land	A parcel of land measuring one square mile or 640 acres
Set Back Lines	The distance designated by zoning regulations that is required between the perimeter of a property and where structures can be positioned
Secured loan	A loan guaranteed by collateral
Security	The property pledged as collateral for a loan or mortgage
Seller take-back	A contract whereby the seller of a property provides financing, sometimes as part of an assumable mortgage
Severalty, or Sole ownership	Ownership of real property by only one individual
Special assessment	An additional tax imposed by the government against specific parcels of real estate that will benefit from a public improvement, such as a street
Special warranty deed	An agreement whereby the current owner/seller guarantees he has done nothing that would impair or cloud title, but does not make any guarantee for what occurred prior to his ownership of the property
Specific performance	A legal action that requires a party to honor the terms of a contract
Statute of limitations	The time period allowed for the filing of a legal suit to enforce a claim, after which any such claims are barred
Step-rate mortgage	A loan that allows for the interest rate to increase in increments according to a designated schedule for a specified period of time, at the end of which, the interest rate returns to a constant percentage
Subagent	An individual or party who is employed by someone already acting as an agent
Subdivision	A tract of property that is divided into streets and individual lots
Subject to	Taking ownership of a property with a lien (legal claim or charge) against it, but not assuming responsibility for the said lien, while the holder who forecloses the lien can take the property, but may not collect money from the owner who took "subject to"
Subsidized second mortgage	An alternative financing option for low- and moderate-income households, issued by a state or county housing foundation, agency or nonprofit corporation, whereby the buyer can purchase a first mortgage with a subsidized second mortgage behind it; payment on the second mortgage is often deferred and carries a low or no interest rate, and a portion of the mortgage may be forgiven incrementally for each year the buyer resides in the home
Survey	The process of determining property areas, by measuring its dimensions, lot lines and other physical features Also, the map that results from such measurements taken

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Cindy Osborne, Broker/ Owner RE/MAX Preferred Realty 208 South Main Street Statesboro, GA 30458 Cell: 912-601-6000 Email: cindy@cindySOLDit.com Cindy specializes in representing her clients in the purchase and sale of single-family residences, land and income property within the cities of Statesboro, Brooklet, Metter and Portal. She is also very familiar with Georgia Southern University in Statesboro having helped parents and investors buy and sell homes and condo's on and around the campus.She keeps current on all transactions in these areas, and is also very knowledgeable about the local schools. She carries a brokers license which means she is held to a higher standard of service and professionalism. She also has an ERS designation as a Relocation Specialist and understands this better than most having lived in more than 7 states in her adult life. She has the expertise and experience to work for you. You will enjoy her abundant energy and excitement about helping you call Georgia home. She really understands the work it takes to find the right home and will be there to walk you thru every step. She knows her job is not complete until you are totally satisfied and at ease with your transaction. Give Cindy a call today!!! 912-601-6000 www.cindySOLDit.com is brought to you by Cindy Osborne NUMBER1EXPERT in real estate for Statesboro and Brooklet, Georgia Read Cindy Osborne's Privacy Guarantee, Terms of Service, and Free & Without Obligation Pledge

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