REAL ESTATE 101
Real Estate Glossary - S
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Sale Agreement (Purchase Agreement)
Also known as "Agreement of Purchase and Sale". The contract that sets out the terms and conditions agreed to by the buyer and the seller in the sale of land.
Second Mortgage
This is usually at a higher interest rate and represents the difference between the price of the house and first mortgage plus the downpayment. This may be obtained from banks and finance companies or through lawyers or notaries.
Seller's Agent
The Seller's Agent represents the seller -- either as a Listing Agent under the listing agreement with the seller or by cooperating as a Sub-Agent, typically through the MLS® system. In dealing with prospective buyers -- customers-- the Seller's Agent can provide a variety of information and services to assist the buyer in his/her decision-making. The Seller's Agent does not represent the buyer.
Settlement (or Closing)
The settlement or closing is the conclusion of your real estate transaction. It includes the delivery of your security instrument, signing of your legal documents and the disbursement of the funds necessary to the sale of your home or loan transaction (refinance).
Settlement Costs
Also known as closing costs, these costs are for services that must be performed before your loan can be initiated. Examples include title fees, recording fees, appraisal fee, credit report fee, pest inspection, attorney's fees, taxes, and surveying fees.
Subdivision
A housing development that is created by dividing a tract of land into individual lots for sale or lease.
Survey
A measurement of land, prepared by a licensed surveyor, showing a property's boundaries, elevations, improvements, and relationship to surrounding tracts.
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