Sales Comparison Approach - A method of estimating market value by comparing similar properties which have recently sold. It's based on the supposition that an informed purchaser would pay no more for a property than the cost of acquiring a similar existing property in the same neighborhood. Realtors commonly provide "comps" to prospective sellers contemplating listing their property with a realtor.
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Satisfaction of Mortgage - A Release (document) issued by the Mortgagee (lender) indicating that the debtor has repaid all principal, interest and outstanding charges due for a loan, specifying the recording data of the original mortgage. This document is provided subsequent to the lender's receipt of the payoff check issued by the closing agent. The Satisfaction should be recorded in the public records.
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Savings Bank - An institution whose main functions are accepting interest bearing time deposits for investment in mortgages and high grade securities. Savings banks operate under slightly different federal regulations than national associations.
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Search - A careful exploration and perusal of the public records in an effort to find all recorded instruments relating to a particular chain of title for real property.
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Second Mortgage - A mortgage made subsequent to another mortgage and subordinate to the first one.
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Secondary Mortgage Market - The place where primary mortgage lenders sell the mortgages they make to obtain more funds to originate more new loans. It provides liquidity for the lenders.
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Secured Loan - A loan for which the creditor's interest is protected by requiring the borrower to pledge collateral of some kind. The collateral can be any marketable asset.
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Servicing - All the steps and operations a lender performs to keep a loan in good standing, such as collection of payment, payment of taxes, insurance, property inspections and the like.
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Settlement/Settlement Costs - See closing costs
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Simple Interest - Interest which is computed only on the principal balance.
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Site Improvements - Improvements made to the land that may increase it’s value, such as landscaping, water, sewer and other utilities.
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Small Business Administration (SBA) - An independent agency, created by the U.S. Government in 1953, for the purpose of helping small businesses compete with larger corporations. The SBA makes loans directly or guarantees those loans made to small businesses.
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Special Assessments - A special tax imposed on property, individual lots or all property in the immediate area, for road construction, sidewalks, sewers, street lights, etc.
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Subordination - (1) The act or process by which a person's rights are ranked below the rights of others. For example, a second mortgagee's (lender's) rights are subordinate to those of the first mortgagee (lender); (2) an agreement between two creditors of a particular borrower whereby one party grants to the other a priority of its lien.
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Surety - (1) A person who agrees to be responsible for a debt or obligation of another; (2) The pledge or agreement by which one undertakes responsibility for the debt or obligation of another.
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Survey - A map or plat made by a licensed surveyor showing the results of measuring the land with its elevations, improvements, boundaries, and its relationship to surrounding tracts of land. A survey is often required by the lender to assure him that a building is actually sited on the land according to its legal description.
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Sweat Equity - Equity created by a purchaser performing work on a property being purchased.
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