second mortgage
A mortgage that has a lien position subordinate to the first mortgage. |
secondary mortgage
market
The buying and selling of existing mortgages. |
secured loan
A loan that is backed by collateral. |
security
The property that will be pledged as collateral for a loan. |
seller agency
The relationship whereby the agent represents the seller on a client basis. |
seller take-back
An agreement in which the owner of a property provides financing, often in combination
with an assumable mortgage. |
single agency
The practice of representing either the buyer or the seller, but never both in
the same transaction. |
subagency
The relationship whereby a person is empowered by an agent to act on his/her behalf
or on behalf of the client. |
subdivision
A housing development that is created by dividing a tract of land into individual
lots for sale or lease. |
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.
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sweat equity
Contribution to the construction or rehabilitation of a property in the form of
labour or services rather than cash. |
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| Glossary
of Real Estate Terms - T |
tenancy in common
A type of joint tenancy in a property without right of survivorship. Contrast
with tenancy by the entirety and with joint tenancy. |
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 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. |
total debt service
ratio
Total obligations as a percentage of gross monthly income. The total expense ratio
includes monthly housing expenses plus other monthly debts. |
trade equity
Equity that results from a property purchaser giving his or her existing property
(or an asset other than real estate) as trade as all or part of the down payment
for the property that is being purchased. |
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. |
trust account
A bank account into which the deposit in a real estate transaction is placed,
in accordance to the Real Estate Act.
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