Mortgage Glossary – S
Contract signed by buyer and seller stating the terms and conditions under which a property will be sold.
An additional mortgage that has rights that are subordinate to the first mortgage.
Mortgage or deed of trust evidencing the pledge of real estate as collateral for the loan.
Payment by the seller or any other interested party of some or all of the purchaser’s closing costs.
Market conditions that favor sellers. With too few sellers and too few properties for sale, the buyers may be forced to compete and pay more for the same property.
Settlement (or Closing)
The settlement or closing is the consummation of your real estate transaction. The closing transaction includes the delivery of a deed, signing of legal documents and the disbursement of the funds necessary to complete the sale and loan transaction.
Money paid by the borrowers and sellers to affect the closing of a mortgage.
Settlement Cost (HUD guide)
HUD – published booklet that provides an overview of the lending process, and that is given to consumers after completing loan application.
The computation of costs payable at closing which determines the seller’s net proceeds and the buyer’s net payment.
The description of land prepared by a licensed surveyor.